Chinese Yuan (CN¥) ⇨ US Dollar ($) (CNYUSD) Outlook

Chinese Yuan (CN¥) ⇨ US Dollar ($) (CNYUSD) Outlook

Chinese Yuan (CN¥) ⇨ US Dollar ($) (CNYUSD) Outlook

FOREX CNY= closed up 0.019 at 6.581. Volume was 11% above average (neutral) and Bollinger Bands were 39% wider than normal.

Open High Low Close Volume___
6.578 6.582 6.574 6.581 2,418

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 6.55 6.50 6.46
Volatility: 2 4 4
Volume: 2,567 2,736 1,816

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= gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.

FOREX CNY= is currently 1.9% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into CNY= (mildly bullish). Our trend forecasting oscillators are currently bullish on CNY= and have had this outlook for the last 26 periods. Our momentum oscillator is currently indicating that CNY= is currently in an overbought condition.

The following two tabs change content below.
Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

You must be logged in to post comments :