Major Reversal In Play For CNY - A Must Track!!
A good time to update the CNY chart with US away from their desks for thanksgiving. Both sides rolling back tariffs means that CNY has unlocked the gates for a retrace towards the key 76.4%.
On the monetary side, updates from PBOC who continue sitting on the bid and are unlikely to change stance and keep CNY strong against the crosses, and as long as this remains the case the highs will be capped. Risks to my thesis come from another escalation in protectionism.
For Chinese Equities the important and key 2793 is back in play again:
Those following previously will remember trading the breakout to the topside, which is now clear was the final exhaustion leg. A textbook one to track for those wanting to dig deeper:
For the technicals we are tracking a similar leg in nature to the sell-off in 2017, initial looking to target 6.9xx with extensions as low as 6.6xx and 6.4xx. While to the topside invalidation will come via a break of the highs.
Best of luck all those on the CNY bid, jump into the comments with any questions and your views on CNY!
On the monetary side, updates from PBOC who continue sitting on the bid and are unlikely to change stance and keep CNY strong against the crosses, and as long as this remains the case the highs will be capped. Risks to my thesis come from another escalation in protectionism.
For Chinese Equities the important and key 2793 is back in play again:
Those following previously will remember trading the breakout to the topside, which is now clear was the final exhaustion leg. A textbook one to track for those wanting to dig deeper:
For the technicals we are tracking a similar leg in nature to the sell-off in 2017, initial looking to target 6.9xx with extensions as low as 6.6xx and 6.4xx. While to the topside invalidation will come via a break of the highs.
Best of luck all those on the CNY bid, jump into the comments with any questions and your views on CNY!
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.