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

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

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

HEFFX Notes Chinese Yuan

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 6.71.

The projected lower bound is: 6.63.

The projected closing price is: 6.67.

FOREX CNY= closed up 0.013 at 6.669. Volume was 17% below average (neutral) and Bollinger Bands were 40% narrower than normal.

Open     High        Low        Close       Volume
6.659     6.669      6.654      6.669      2,731

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

Moving Averages: 10-period         50-period       200-period
Close:                      6.64                   6.65                  6.55
Volatility:               3                         4                        4
Volume:                  3,748                3,635                 2,435

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.

Chinese Yuan

China photo
Photo by Thomas Depenbusch

Summary Chinese Yuan
FOREX CNY= is currently 1.9% above its 200-period moving average and is in an downward 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 bearish on CNY= and have had this outlook for the last 19 periods.

HEFFX Momentum Chinese Yuan
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 82.6687. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 8 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 58.96. 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 28 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 147.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 7 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 buy 4 period(s) ago.

The following two tabs change content below.

You must be logged in to post comments :  
CONNECT WITH