FxWirePro: Chinese yuan trades marginally higher in early Asia on robust Caixin manufacturing PMI data
USD/CNY is currently trading around 7.1182 marks. It made intraday high at 7.1313 and low at 7.1177 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 7.1313 marks will test key resist…
It made intraday high at 7.1313 and low at 7.1177 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 7.1313 marks will test key resistances at 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.1217 will drag the parity down towards key supports at 7.1080, 7.0621, 7.0497, 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 Caixin manufacturing PMI stands at 51.4 pct vs 50.4 pct previous release.
China manufacturing PMI stands at 49.8 pct vs 49.5 pct previous release.
China non – manufacturing PMI stands at 53.7 pct vs 53.8 pct previous release.
We prefer to take long position on USD/CNY only above 7.1313, stop loss at 7.1050 and target 7.1548/7.17.
