FxWirePro: Chinese yuan rises in early Asia after mixed economic data
USD/CNY is currently trading around 7.0760 marks. It made intraday high at 7.0777 and low at 7.0650 levels. Intraday bias remains neutral till the time pair holds key resistance at 7.0774 mark. A sustained close above 7.…
It made intraday high at 7.0777 and low at 7.0650 levels.
Intraday bias remains neutral till the time pair holds key resistance at 7.0774 mark.
A sustained close above 7.0774 marks will test key resistances at 7.0850, 7.0905, 7.0982 and 7.1022 marks respectively.
Alternatively, a daily close below 7.0650 will drag the parity down towards key supports at 7.0525, 7.0449, 7.0319, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
China’s GDP y/y stands at -6.8 pct vs 6.0 pct previous release (expected -6.2).
China’s retail sales data stands at -15.8 pct vs -20.5 pct previous release.
China’s unemployment rate stands at 5.9 pct vs 6.2 pct previous release.
China’s industrial production stands at -1.1 pct vs -13.5 pct previous release (expected -7.0).
We prefer to take long position in USD/CNY around 7.0700, stop loss at 7.0600 and target of 7.1022.
