During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
USD/CNH returned below 7.00
2019-11-11 • Updated
Trade ideas
SELL 6.99; TP 6.96; SL 7.0050
SELL 6.9450; TP 6.9100; SL 6.9550
BUY 7.0350; TP 7.0800; SL 7.0250
USD/CNH has been steadily declining since the start of October on hopes that the United States and China would take steps towards some kind of a trade deal. As a result, the pair closed below the key level of 7.00 for the first time since early August. This level together with 7.0290 (100-day MA) will now act as resistance. As long as the price is below it, we’ll see a top at the market. Only the clear sign that there will be no deal in the upcoming weeks will push USD/CNH above 7.03 and to 7.0880 (50-day MA).
On the downside, support is located at 6.95. Around it, there’s the line connecting 2016 and 2018 highs. The decline below this support will open the way down to 6.9090 (200-day MA).
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...