Forecast for Q2'16 - levels for USD/CNH - page 3

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Press review

Sergey Golubev, 2016.06.20 12:48

USD/CNH Technical Analysis: daily bullish to be continuing or the secondary correction to be started (adapted from the article)

  • "After finding support at 6.5500 the pair moved higher to test the 6.6000, but has yet to manage a clear break and a hold above on a daily close basis. The pair has failed to hold above the level for two consecutive days since February."
  • "It seems that the pair might need to “make a decision” around the 6.5880 short term support level. If the pair manages to hold above the level, buyers could potentially attempt another move higher to break the 6.6000 handle."
  • "If price is able to break above 6.6000 and hold higher, it might initially expose possible resistance at the February 3 high around 6.6500."



"A break below 6.5880 may put the focus again on the 6.5500 prior support. A break below that level could put the spotlight on a major support confluence zone (marked blue) that combines the 6.5000 handle, 200 day SMA, trend line from October 2015, and the 6.47446 level, which is the 0.382 Fib from the long term up trend as marked from the 2014 low at 6.0150."

Daily price is located above Ichimoku cloud in the bullish area of the chart: the price is ranging within the following key support/resistance levels:

  • 6.6152 resistance located above Ichimoku cloud in the bullish area, and
  • 6.5632 support level located on the border between the primary bullish and the secondary sorrection.

If the price breaks 6.6152 level to above so the primary bullish trend will be continuing.
If the price breaks 6.5632 support level to below on close daily bar so the secondary correction will be started.
If the price breaks 6.5373 support level so the reversal of the price movement to the primary bearish market condition will be started.

By the way, Chinkou Span line is located above the price for the bullish condition with the possible secondary correction to be started in the near future by direction.


 

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2016.06.24 16:07

The Brexit Result Will Have China Worried (adapted from the article)

  • "Brexit means that Beijing will lose its strategic access to Europe through Britain."
  • "Chinese Foreign Ministry spokesperson Hua Chunying tried for a balanced approach on Friday afternoon, according to Chinese state media, noting that China respected the British people’s choice while also hoping that the U.K. and E.U. could reach a successful agreement."
  • "Still, on Friday Chinese state media stayed away from the large-font Brexit headlines that dominated much of global press coverage."

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USD/CNH H4: bullish breakout. The intra-day price is on breakout with the bullish reversal: price broke Ichimoku cloud to above for the primary bullish market condition with 6.6514 resistance level to be crossed for the bullish trend to be continuing.
By the way, the daily price is on bullish breakout to be started today on open D1 bar, and the weekly price is on primary bullish market condition with 6.6152 resistance to be crossed to above for the close weekly bar for 6.7681 possible target.


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Hang Seng Index H4: bearish breakdown with the ranging to be started. The price broke ichimoku cloud to below for the primary bearish market condition. Price is testing 19,749 support level with 19,566 bearish target and with descending triangle pattern to be formed by the price for the bearish trend to be continuing.



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