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Friday, 7 June 2019

USDCNH (US Dollar Against the Chinese Yuan) Trading Set-up: 7 June 2019, Friday

USDCNH (US Dollar Against the Chinese Yuan):
7 June 2019, Friday
(Click on the Technical Chart Above to Expand)

Attached is the Technicals for USDCNH. Upmove means the Chinese Renminbi (Chinese Yuan) weakening against the Greenback Benchmark. Remember that some time back, before this critical break-up of key resistance, I had forewarned that China Central Bank PBOC will have to implement extreme monetary policy that will send the USDCNH soaring upwards? This is what is happening now: the Chinese Yuan breaking down key intraday supports so that the USDCNH breaks up key intraday resistances. In addition, this USDCNH breakup is on the back of a very large ascending triangle as illustrated. This means the Chinese Yuan depreciation is sustainable even though China maintains that they will keep the Chinese Yuan strong and stable. A very large flood of money tide is going to be released from the world's 2nd largest economy.


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