FxWirePro: USD/CNY Breaks Key Resistance at 6.5510, a Sustain Close Above Targets 6.5708
24 May 2016, 09:19
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FxWirePro: USD/CNY Breaks Key Resistance at 6.5510, a Sustain Close Above Targets 6.5708
- USD/CNY is currently trading around 6.5532 marks.
- Intraday bias remains bullish till the time pair holds key support at 6.5406 levels.
- A sustained close above 6.5510 will test key resistances at 6.5525(March 02, 2016 high) and 6.5708(50D EMA) levels respectively.
- Alternatively, a daily close below 6.5406 will drag the parity down towards key supports at 6.5358, 6.5162 (20D, 30D and 55D EMA crossover), 6.4910(February 16, 2016 low), 6.4721, 6.4531 levels.
- In addition, 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend.
We prefer to take long position in USD/CNY only above 6.5525, stop loss 6.5406 and target 6.5708 levels.
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