Highlights
*Internationalization of Chinese yuan to boost Kenya’s economy
*Beijing is now one of Kenya’s top trading partners and this has raised the significance of the renminbi (RMB)
*The number of banks that can provide Chinese yuan over the counter is increasing
*Chinese yuan weakens to 6.9037 against USD Tuesday
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: 6.93.
The projected lower bound is: 6.89.
The projected closing price is: 6.91.
Candlesticks
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 25 white candles and 22 black candles for a net of 3 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
Momentum Indicators
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 91.3211. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 30 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 63.54. 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 92 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 156.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 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 9 period(s) ago.
Rex Takasugi – TD Profile
FOREX CNY= closed up 0.002 at 6.906. Volume was 40% below average (neutral) and Bollinger Bands were 48% narrower than normal.
Open High Low Close Volume
6.906 6.908 6.904 6.906 1,116
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6.90 6.89 6.82
Volatility: 1 2 3
Volume: 1,220 2,199 2,197
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 1.3% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 5 periods.
Chinese Yuan (CN¥) ⇨ US Dollar ($) (CNYUSD) Boosting Economy added by S. Jack Heffernan Ph.D on
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S. Jack Heffernan Ph.D
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