CNY/USD Medium-Term Analysis: Weekly Market Breakdown
In this analysis, we started taking on the majors against the U.S. Dollar (USD), beginning with the Chinese Yuan Renminbi (CNY). Despite its still lower status in comparison with the traditional majors (USD, GBP, EUR, CHF, JPY, CAD, AUD & NZD) and also its lower liquidity and overall current non-relevance in the wider FX market, it nonetheless scored the highest appreciation in the last quarter in USD terms, higher than any other traded currency, either major or minor, with over 5% up on the 'Rate Of Change' (ROC) for the last 15 periods on the weekly.
With that in mind, we begin this series by carefully analysing this pair, taking into consideration major support and resistance levels, as well as divergences between price action on the IDC (i.e. 'broker-neutral') compiled chart & oscillator data (ROC, 15, W). For this specific analysis, we opted for not using Fibonacci levels and instead adopted price action pivot points for framing our perspective on market movements.
We're hoping to continue this series on the other majors and (if time allows it!) dive into some of the minors as well. Wish you guys good trading and if you enjoy this analysis, please give me a like and share your ideas on the comments section, I'll really appreciate feedback from you guys and I promise to read and reply to each and every one of them as soon as possible.
An amazing week for all of you and until the next post! :)
With that in mind, we begin this series by carefully analysing this pair, taking into consideration major support and resistance levels, as well as divergences between price action on the IDC (i.e. 'broker-neutral') compiled chart & oscillator data (ROC, 15, W). For this specific analysis, we opted for not using Fibonacci levels and instead adopted price action pivot points for framing our perspective on market movements.
We're hoping to continue this series on the other majors and (if time allows it!) dive into some of the minors as well. Wish you guys good trading and if you enjoy this analysis, please give me a like and share your ideas on the comments section, I'll really appreciate feedback from you guys and I promise to read and reply to each and every one of them as soon as possible.
An amazing week for all of you and until the next post! :)
