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USD/CNH Steady Uptrend Intact

By Admiral Markets

Despite the strong Chinese CPI (Change in the price of goods and services purchased by consumers), the USD/CNH has formed a strong zig zag pattern for possible uptrend continuation. US PPI (Change in the price of finished goods and services sold by producers) showed better than expected result and technically we might see a POC rejection. POC (50.0, order block, ATR low) 6.8377-6.8450 might reject the price towards 6.8855 and 6.9045. Ideally bulls want to see the price above EMA89 after the POC rejection. If the price breaks below 6.8230 we might see a bearish breakout towards 6.7895.

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Article by Admiral Markets

Source: USD/CNH Steady Uptrend Intact


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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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