FxWirePro: USD/CNY breaks key resistance at 7.0303 mark, stay long
USD/CNY is currently trading around 7.0350 marks. It made intraday high at 7.0444 and low at 7.0343 levels. Intraday bias remains bullish till the time pair holds key support at 7.0180 mark. A sustained close above 7.034…
It made intraday high at 7.0444 and low at 7.0343 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0180 mark.
A sustained close above 7.0343 marks will test key resistances at 7.0540, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 7.0343 will drag the parity down towards key supports at 7.0180, 7.0074, 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position on USD/CNY around 7.03, stop loss at 7.0150 and target of 7.0540/7.07.
