FxWirePro: Chinese yuan falls noticeably against U.S. dollar despite robust trade balance data
USD/CNY is currently trading around 6.9328 marks. It made intraday high at 6.9351 and low at 6.9056 levels. Intraday bias remains bullish till the time pair holds key support at 6.8976 mark. A sustained close above 6.918…
It made intraday high at 6.9351 and low at 6.9056 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8976 mark.
A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.9056 will drag the parity down towards key supports at 6.8979, 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets yuan mid-point at 6.8925/ dlr vs last close 6.9118.
China May 2019 yuan-denominated trade ba increase to 279.12 cny vs prev 93.57 cny.
China May 2019 yuan-denominated imports decrease to -2.5 % vs previous 10.3 %.
China May 2019 yuan-denominated exports increase to 7.7 % vs previous 3.1 %.
We prefer to take long position on USD/CNY around 6.9250, stop loss 6.9056 and target of 6.9548/6.97.
