FxWirePro: USD/CNY breaks key resistance at 6.5510, a sustain close above targets 6.5708
USD/CNY is currently trading around 6.5532 marks. Intraday bias remains bullish till the time pair holds key support at 6.5406 levels. A sustained close above 6.5510 will test key resistances at 6.5525(March 02, 2016 hig…
Intraday bias remains bullish till the time pair holds key support at 6.5406 levels.
A sustained close above 6.5510 will test key resistances at 6.5525(March 02, 2016 high) and 6.5708(50D EMA) levels respectively.
Alternatively, a daily close below 6.5406 will drag the parity down towards key supports at 6.5358, 6.5162 (20D, 30D and 55D EMA crossover), 6.4910(February 16, 2016 low), 6.4721, 6.4531 levels.
In addition, 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend.
We prefer to take long position in USD/CNY only above 6.5525, stop loss 6.5406 and target 6.5708 levels.
