FxWirePro: Chinese yuan trades marginally higher ahead of trade balance data
USD/CNY is currently trading around 7.0427 marks. It made intraday high at 7.05 and low at 7.0410 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 7.0502 mark. A sustained close a…
It made intraday high at 7.05 and low at 7.0410 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 7.0502 mark.
A sustained close above 7.0502 marks will test key resistances at 7.0619, 7.0750, 7.0822, 7.0905 and 7.1022 marks respectively.
Alternatively, a daily close below 7.0502 will drag the parity down towards key supports at 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.
We prefer to take long position in USD/CNY only above 7.0560, stop loss at 7.0320 and target of 7.0750/7.0822.
