China Yuan News
The yuan edged lower against the dollar on Monday as fresh tensions between Beijing and Washington sapped appetite for the Chinese currency, even as investors eyed longer-term prospects of improving ties under a Biden presidency.
The Trump administration is looking at moves that would restrict 89 Chinese aerospace and other companies from buying a range of U.S. goods and technology, according to a draft copy of the list of firms seen by Reuters.
Sino-U.S. disputes have been among the key factors weighing on the currency since the outbreak of the trade war in 2018, but Democratic President-elect Joe Biden’s winning of the presidential election has relieved markets and pushed the yuan to 29-month high this month.
The spot market CNY=CFXS opened at 6.5510 per dollar and was changing hands at 6.5642 at midday, 20 pips weaker than the previous late session close.
USD/CNY Exchange Rate
Today’s Forex Rates
USD/CNY FX Polls
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 6.72.
The projected upper bound is: 6.63.
The projected lower bound is: 6.49.
The projected closing price is: 6.56.
A white body occurred (because prices closed higher 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 18 white candles and 27 black candles for a net of 9 black candles.
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 45.8756. This is not an overbought or oversold reading. The last signal was a buy 2 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 32.00. 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 buy 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 -93. This is not a topping or bottoming area. The last signal was a buy 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 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX CNY= closed up 0.002 at 6.562. Volume was 85% below average (consolidating) and Bollinger Bands were 58% wider than normal.
Open High Low Close Volume 6.554 6.565 6.552 6.562 1,314
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 6.59 6.70 6.94 Volatility: 4 7 5 Volume: 11,643 11,452 7,118
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 5.5% below its 200-period moving average and is in an downward trend. Volatility is low 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 120 periods.
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