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USDCNH: shock retracement
2023-08-30
513
Fundamental analysis:
USD/CNY remained volatile around 7.28235. China is Australia's main trading partner as it buys most of Australia's goods and services. The industry is expected to slow down in the second half of the year.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term maintains a wide range of volatility, the market bearish sentiment emerges, and there are signs of continued turbulence and retracement in the short-term, the MACD indicator is hovering around the 0 axis, and the RSI indicator is below the 50 balance line.
Resistance levels: 7.29584 7.30444
Support levels: 7.27366 7.26557
Trading strategy: bearish below 7.28733, target 7.27366 7.26557
Alternative strategy: Bullish above 7.28733, target 7.29584 7.30444
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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