|Day's range||6.616 - 6.623|
|52-week range||6.4360 - 6.9604|
Since the middle of September to the 22nd of November, the USDCNH was in the symmetric triangle pattern, which was created after the heavy drop that occurred here since the beginning of the year. After the breakout, the price went firmly lower and checked in on the important horizontal support on the 6.56 (lower grey area).
Different Forex crosses are breaking out of their consolidation phase, making breakouts off the important levels as we could see yesterday in the example of the GBP/NZD. Today we have a consolidation with a possible breakout on EUR/JPY. The POC zone 132.12-132.30 (D H3, EMA89, 38.2,are pivot) could reject the price towards 131.90. Break below 131.90 might … Continue reading EUR/JPY Consolidation Breakout Possible
On Friday, 29 September, the GBP got a much-anticipated boost: Brexit negotiations are finally making headway in their fourth round of talks. Brexit secretary, David Davis and his European counterpart, Michel Barnier indicated that Prime Minister Theresa May hit a chord in her recent Florence speech. During the third round of Brexit negotiations, currency traders … Continue reading Worlds Apart: The GBP and the CNY
USDCNH extended its upside movement from 6.4412 to as high as 6.6777, breaking through a major bearish trend line on its daily chart, confirming that the bearish movement from 6.8588 had completed at 6.4412 already. On the upside There is a bullish trend line with support at around 6.6490 on the 4-hour chart. As long … Continue reading USD/CNH Broke Above Major Resistance Trend Line
RBA to Keep Rates Unchanged Mario Draghi Does Not Threaten Bitcoin CAD Looks Exposed China Online RBA to Keep Rates Unchanged We anticipate that the Reserve Bank of Australia (RBA) will leave key interest rate at 1.50% while maintaining its neutral policy stance. On the economic front, the economy has expanded in 2Q by a … Continue reading Weekly Market Outlook, Oct 2 – Oct 6, 2017
The Elliott Wave Perspective If you are a subscriber of ForexAnalytix you already know that we are still expecting another leg up on USD Index to complete bullish cycle from 2011. We think that the USD index is now at some very interesting levels near 90.00, a strong support from where uptrend may resume. Well, some … Continue reading The USD Index Cycle and the USDCNH