FxWirePro: Chinese yuan trades marginally higher despite lower than expected trade balance data
USD/CNY is currently trading around 6.7722 marks. It made intraday high at 6.7754 and low at 6.7654 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.7754 marks will test key resist…
It made intraday high at 6.7754 and low at 6.7654 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.7754 marks will test key resistances at 6.8072, 6.8224, 6.8530 and 6.87 marks respectively.
Alternatively, a daily close below 6.7754 will drag the parity down towards key supports at 6.7422, 6.7594, 6.7345, 6.7210, 6.7000 and 6.6853 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.7596/ dlr vs last close 6.7780.
China April 2019 yuan-denominated trade balance decrease to 93.57 cny vs previous 221.23 cny.
China April 2019 trade balance usd decrease to 13.84 usd (forecast 35 usd) vs previous 32.67 usd (revised from 32.65 usd).
We prefer to take long position on USD/CNY only above 6.7754, stop loss at 6.7590 and target of 6.8072.
