US Dollar ($) ⇨ Chinese Yuan (CN¥)(USDCNY) Trading Outlook

US Dollar ($) ⇨ Chinese Yuan (CN¥)(USDCNY) Trading Outlook

Shayne Heffernan founder and CEO of HeffX has issued a 7 price target on USDCNY. HeffX is expecting a new round of currency wars sparked by BREXIT and a weakening global economy.

Regardless of the outcome of the US election US-China ties will remain strained.

FOREX CNY= closed down -0.003 at 6.674. Volume was 95% above average (neutral) and Bollinger Bands were 1% wider than normal.

Open High Low Close Volume___
6.676 6.682 6.668 6.674 5,694

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

Moving Averages: 10-period 50-period 200-period
Close: 6.69 6.61 6.51
Volatility: 2 3 4
Volume: 3,528 3,077 2,207

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.

Summary

FOREX CNY= is currently 2.5% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. 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 64 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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Heffx Momentum

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 28.1613. This is not an overbought or oversold reading. The last signal was a sell 6 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 58.99. 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 2 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 -85. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 5 period(s) ago.

Heffx Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 28 white candles and 20 black candles for a net of 8 white 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.

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