USDCNY trade ideas
LONG USD CNY - Technical BreakoutTime will tell how high it goes from here, but it looks like a long term up.
USDCNY: The Chinese Need to Prepare for DevaluationThere is not much to say here. The chart says it all.
The Chinese need to prepare for the coming Yuan devaluation. Gold is headed higher as defense against this reckless monetary policy. I have a feeling that USA will follow suit. You can hedge against senseless money printing using gold. That's why the price of gold is going up lately. This trade war will continue to drag out until at least the end of the current US administration, but could last even longer if Trump is re-elected. I believe that gold and Bitcoin will be strong beneficiaries of this macroeconomic situation. There is a lot of volatility in Bitcoin, but may be used as a potential hedge against global economic turmoil.
Actionable Idea: Sell the Yuan and receive USD. You can wait for about 7.63 on the chart. Then, unwind the position by selling the USD and receiving the Yuan. Stop loss at about 6.83.
China's Next Move - As of late Monday, US Treasury Secretary Steven Mnuchin formally designated China as Currency Manipulator. If we weren't already in a trade war, this is undoubtedly a tipping point as to how aggressive the administration is willing to get with their trading partners...
USDCNY to rally to 7.2238 (prior support which became resistanceUSDCNY to rally to 7.2238 (prior support which became resistance).
Mid Term Outlook ... Test Double BottomPrevailing Trade War uncertainties may drive price towards 0.1440 Double Bottom ... ?
Watch for Breakout on USD/CNY, U.S. Dollar vs. Chinese YuanRecently, FX_IDC:USDCNY has been making bullish moves. First, the 65-period EMA crossing over the 200-period EMA: a golden cross. Price action began to consolidate in a fixed range, before making a false-breakout, quickly correcting itself. With increasing trade tensions between the U.S., China, and Mexico, another breakout from this supported range will be highly indicative of medium-term price movements.
USDCNY Golden Ratio~Praise the LORDThe Creator of the heavens & the Earth.
He is over all, through all, & in all.
USDCNY, Threshold to explode at 7 !Hello Everybody~
This is Wasabi.
I have added two channels, the downtrend and the uptrend.
It looks to me that USDCNY has made its direction to change from the downtrend to the uptrend.
As you may see, it has bounced back strongly in the 1st week of April to avoid falling back into the downtrend after its overshooting.
It is now heading for the previous double tops at about 7 dollars per yuan.
Once it penetrates the double tops at USDCNY=7, we will see it skyrocket to the moon.
Although the trading of cryptos has been banned in China, exchanging Yuan with Dollar has many restrictions.
Despite all the difficulties, the rich smart Chinese money will find its way to escape from a falling knife and it will find that the cryptos will be good alternatives.
I will be back with more ideas and indicators.
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