FxWirePro: Chinese yuan trades flat after mixed economic data
USD/CNY is currently trading around 7.0777 marks. It made intraday high at 7.0781 and low at 7.0665 levels. Intraday bias remains neutral for the moment. A sustained close above 7.0920 marks will test key resistances at …
It made intraday high at 7.0781 and low at 7.0665 levels.
Intraday bias remains neutral for the moment.
A sustained close above 7.0920 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.0765 will drag the parity down towards key supports at 7.0632, 7.0474, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
China GDP q/y stands at 6.0 pct vs 6.2 pct previous release (expected 6.1).
China industrial production y/y stands at 5.8 pct vs 4.4 pct previous release (expected 5.0).
China retail sales y/y stands at 7.8 pct vs 7.5 pct previous release (expected 7.8).
We prefer to take short position on USD/CNY only below 7.0644, stop loss at 7.09 and target 7.0474/7.0108.
