USDCNH: Heading towards 6.69Waiting for a bounce back to broken support for before more declines to 6.69
USDCNH
USDCNH ShortDespite the People’s Bank of China (PBOC) has announced to cut its Reserve Require Ratio (RRR) by 100bps on Friday, however it looks like a no brainier to me to short the USDCNH now with a SL around 6.98. I know some banks has immediately improved its USDCNY target price to above 7.1 after the news, however the chart seems to be showing the opposite and it just do not make sense for China to allow its currency to further depreciate when they have USD 1.3 trillion external debt and are already in credit crunch.
More than 15% in Y2019-2021Expect more than 15% up movements in Y2019-2021, after the corrections done, and the preparations done!
USD/CNHThe buy was off that 200 at break and test of flag. Considering the larger pattern, this does have the potential to break the high of the larger structure before any huge drop. So keep that in mind. And watch out for a smaller correction here possible.
USDCNH Short PossibilityUSDCNH has terminated an upward impulse. It has started to retrace.
SL: 6.92
Entry: Market ~6.82956
T1: 6.7573
T2: 6.654
T3: 6.577
USDCNH - Medium Term Bear TrendUSDCNH reached historical max values and start the descendant channel approaching. Traget price @6.63.
USDCNH. Deeper correctionCorrection became complex and transformed into double three...at least.
50-61.8% Fib and the upside of the channel are targeted.
Shorting USDCNHOn the daily chart of the instrument, according to the Elliott waves, the price is moving in a corrective ABC zigzag which should continue the bearish correction. My entry sell level is the latest bearish fractal.
Yuan Bull ApproachingRegardless of winter USD rate-hike the Yuan will continue to show relative strength.
Yuan sharp reversalThis morning we saw another one sharp reversal of Yuan to growth.
In the previous month, the People's Bank of China actively engaged in interventions in the foreign exchange market and spent on it more $34 bln, protecting national currency from disordrly decline, although it did not interfere USDCNH’s from crawling up.
In November, we have already seen a couple of sharp kickbacks of the pair associated with good news from China, but the scale of the decline suggests that it was also the intervention of the PBC.
However, such interventions do not fundamentally change the sentiment in the markets, and the moment of growth should be a quick return to the fundamental trend.
USDCHN, worth the shotThe pattern is a bit unclear, but because the RR is so great i am taking the risk here. Starting small and increasing on the break of the yellow zone. Think we might make a lower high on the daily, so it could potentially drop a lot coming weeks. Making the RR enormous, which makes it worth the risk for me. I am using the stop loss, but in case we move only slightly higher but start to drop again (false breakout), i will probably short it again when that yellow zone breaks.
USD/CNH Sell Idea (Potentially Major)This pairing has been unable to break above the $7 dollar resistance - rejected in Dec 16' and again in Oct 18'. I will be looking at a short position after technical and fundamental factors have lined up in favour of this direction.
The US Mid-term elections have softened the dollar rally that began just before summer 2018. However, I will not be opening any positions until trend-line A has been broken.
Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade.
If you stick by a smart trading plan you can substantially reduce your exposure to losses.
USDCNH - Short - Up to 1:6 R/R!The 7dollar handle hold, price now turning lower in an impulsive fashion.
The first wave finished and price is now making wave 2, so, wait for it to end before entering any short positions.
Trade Setup :
* Entry : Pending order @ 6.931 (0.618 Fib Retracement)
* Stop : last high (or 7.000 for a more conservative one)
* Target : 6.7 to 6.521
USDCNH (Chinese yuan has a lot to weaken)Triangle breakout and retest. The distance calculation will bring USDCNH to 7.5+, well above the 2015 high. Don't be surprised for global selloff and panic.
USDCNH Short Hi All,
Sharing another one of my trade. Im looking to short USDCNH. It's at an all-time high which is always a sweet moment to short. It may go up slightly, but will surely have a nice dip. Again, to avoid bad karma, this is not financial advice, just sharing my trade. Please trade smartly. Like and comment if you agree. All the best and trust the charts always!
Love
Kayj9009
USD/CNH Sell IdeaPrice is coming to key sell zone 6,9871, Last time the price was near that level year ago.
There is a big probability that price will bounce down from 6,9871 because in 80% situations currency rate bounce from such levels.
I will open a Sell if the price will make a fake broke 6,9871 and D1 close under it.
Push like and Subscribe, if this post will get 50 like I will write when I open a position with entry and exit points.
Obvious ShortWe all know that the Yuan does not float like western currencies and there is consistent manipulation on a daily basis in terms of the Yuan's strength.
I believe a revaluation and true appreciation of the Yuan is due, with technical (RSI=70), geo-political (Trade Tariffs between China and Us will never end well, china has mad treasury bonds that they can drop on the market at any time), and overall fundamental (Overbought) signals a huge short on the USDCNH.
Tangentially, I have never seen the USDCNH breach the 7.00 USD threshold not that China cant manipulate it either way but the recent losses in the chinese stock market show a need for an appreciating Yuan.
Let me know what you think. Not that I care because I make mad money kidd.
