News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • Please join @PaulRobinsonFX at 6:00 EST/10:00 GMT for a webinar on how you can become a better trader in current markets. Register here: https://t.co/XO3SOn8u43 https://t.co/1AO0tXYz7L
  • Heads Up:🇬🇷 Unemployment Rate (JAN) due at 09:00 GMT (15min) Previous: 15.8% https://www.dailyfx.com/economic-calendar#2021-04-15
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/q7YCOo8DM1
  • US Dollar Looks to Retail Sales, Jobless Claims Data for a Lifeline - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/04/15/US-Dollar-Looks-to-Retail-Sales-Jobless-Claims-Data-for-a-Lifeline.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #dollar #retailsales #joblessclaims https://t.co/vJVKJ5P92g
  • Heads Up:🇬🇧 BoE Credit Conditions Survey due at 08:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇪🇸 Balance of Trade (FEB) Actual: €-1.082B Previous: €-1.769B https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇮🇹 Inflation Rate YoY Final (MAR) Actual: 0.8% Expected: 0.8% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-15
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.93%, while traders in France 40 are at opposite extremes with 75.22%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F80m5ro5O1
  • Heads Up:🇪🇸 Balance of Trade (FEB) due at 08:00 GMT (15min) Previous: €-1.769B https://www.dailyfx.com/economic-calendar#2021-04-15
  • Heads Up:🇮🇹 Inflation Rate YoY Final (MAR) due at 08:00 GMT (15min) Expected: 0.8% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-15
USD/CNH Technical Analysis: Yuan Gains Hinted Ahead

USD/CNH Technical Analysis: Yuan Gains Hinted Ahead

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CNH Technical Strategy: Flat
  • Bearish Engulfing Candlestick Pattern, RSI Divergence Hints at Yuan Gains Ahead
  • Absent Reversal Confirmation, Pivotal Event Risk Argue Against Taking Short Trade

The US Dollar may be preparing to turn lower against the Chinese Yuan in offshore trade after prices put in a Bearish Engulfing candlestick pattern below chart resistance. The appearance of negative RSI divergence hints at ebbing upside momentum and reinforces the case for a downside scenario.

Near-term support is at 6.4217, the intersection of a rising trend line and the 38.2% Fibonacci retracement. A break below this level on a daily closing basis opens the door for a test of the 23.6% Fib expansion at 6.3950. Alternatively, a push above the 50% retracement at 6.4546 clears the way for a challenge of the 61.8% level at 6.4875.

Confirmation of reversal is absent without a clear-cut breach of the series of higher highs and lows in play since late October. Furthermore, while the Yuan’s inclusion into the IMF’s SDR basket amounting to a non-event as expected, a round of pivotal US event risk may materially alter technical positioning. With that in mind, we will continue to stand aside for now.

Losing Money Trading Forex? This Might Be Why.

USD/CNH Technical Analysis: Yuan Gains Hinted Ahead

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES