Chinese Yuan (CN¥) ⇨ US Dollar ($) (CNYUSD) Chinese Yuan (CN¥) ⇨ US Dollar ($) (CNYUSD) Changing Frequently
China’s yuan edged up against the U.S. dollar on Tuesday after the central bank set guidance at its strongest in three weeks, but traders said corporate demand for the greenback could pressure the Chinese currency in the coming days. The People’s Bank of China set its official midpoint <CNY=PBOC> at 6.8790 per dollar prior to the market open, its strongest since April 24.
Overall, the bias in prices is: Sideways.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
By the way, prices are vulnerable to a correction towards 6.89.
The projected upper bound is: 6.90.
The projected lower bound is: 6.86.
The projected closing price is: 6.88.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 26 black candles for a net of 5 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 7.9223. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 42.08. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 97 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -142.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX CNY= closed down -0.006 at 6.884. Volume was 86% above average (neutral) and Bollinger Bands were 48% narrower than normal.
Open High Low Close Volume
6.890 6.894 6.882 6.884 3,453
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6.90 6.89 6.83
Volatility: 1 2 3
Volume: 1,561 2,261 2,168
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX CNY= is currently 0.8% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of CNY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on CNY= and have had this outlook for the last 10 periods.