FxWirePro: USD/CNY moves directionless, sustained close below 7.0620 requires for downside rally
USD/CNY is currently trading around 7.0685 marks. It made intraday high at 7.0711 and low at 7.0562 levels. Intraday bias remains neutral for the moment. A sustained close above 7.0920 marks will test key resistances at …
It made intraday high at 7.0711 and low at 7.0562 levels.
Intraday bias remains neutral for the moment.
A sustained close above 7.0920 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.0620 will drag the parity down towards key supports at 7.0474, 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. Current downside movement is short term trend correction only.
Positioning is inconclusive at this point. We remain sideways for the time being.
