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USD/CNH Technical Analysis 2016, 17.07 - 24.07: ready for the bullish breakout with 6.7166 resistance to be broken

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Sergey Golubev
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Sergey Golubev  

Daily price is located above Ichimoku cloud and Senkou Span line which is the virtual border between the primary bearish and the primary bullish trend on the chart. The price is testing 6.7166 resistance level to above for the bullish trend to be continuing with 6.7705 bullish daily target to re-enter.

Absolute Strength indicator is estimating the ranging bullish trend in the near future.
  • If the price breaks 6.7166 resistance level on close daily bar so the primary bullish trend will be continuing with 6.7705 nearest bullish target.
  • If the daily price breaks 6.6242 support on close bar to below so the local downtrend as the secondary correction within the primary bullish trend will be started.
  • If price breaks 6.5775 support so we may see the reversal of the price movement to the primary bearish market condition.
  • If not so the price will be ranging within the levels.
Resistance
Support
6.71666.6242
6.77056.5775


  • Recommendation to go short: watch the price to break 6.6242 support level for possible sell trade
  • Recommendation to go long: watch the price to break 6.7166 resistance level for possible buy trade
  • Trading Summary: bullish

SUMMARY : bullish

TREND : ready for the bullish breakout
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