USDCNH: high order

The USD/RMB remained volatile around 7.00722. According to the National Bureau of Statistics, in April, among the 70 large and medium-sized cities, the sales prices of new commercial housing and second-hand housing rose month-on-month in 62 and 36 cities respectively, 2 cities less than the previous month. and 21, the number of second-hand houses decreased more. There were 22 and 9 cities where the sales prices of new commercial housing and second-hand housing rose year-on-year, respectively, an increase of 4 and 1 from the previous month.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Looking at the 4-hour chart: the bullish momentum maintains a volatile upward trend, and then the high level encounters resistance and shocks. The short-term short-term momentum has signs of waiting for an opportunity to enter the market, and the market bearish sentiment gradually emerges. The MACD indicator is at a high level in the bullish area.

Resistance levels: 7.01973 7.02711

Support levels: 6.99849 6.99018

Trading strategy: bearish below 7.01188, target 6.99849 6.99018

Alternative strategy: Bullish above 7.01188, target 7.01973 7.02711