FxWirePro: Chinese yuan trades marginally lower as manufacturing PMI data misses expectations

• USD/CNY is currently trading around 6.7371 marks.
   
• It made intraday high at 6.7392 and low at 6.7330 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.7355 marks will test key resistances at 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.7355 will drag the parity down towards key supports at 6.7210, 6.7000, 6.6853, 6.6650, 6.6540 and 6.6234 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 6.7286 / dlr vs last close 6.7346.
   
• China April 2019 NBS non - manufacturing PMI decrease to 54.3 vs previous 54.8.
   
• China April 2019 NBS manufacturing PMI decrease to 50.1 (forecast 50.5) vs previous 50.5.
   
• China April 2019 composite PMI decrease to 53.4 vs previous 54.

We prefer to take long position on USD/CNY around 6.73, stop loss at 6.7150 and target of 6.7422/6.7510.