Sunday, 19 August 2018

YUAN: Top & Reverse

Hi Traders,

The USDCNH, (the inverse of Chinese Yuan), now at 6.83, topped and reversed the sharp rally started on March 27, as predicted in my previous post. Next target: 6.69.

ELLIOTT WAVES

The weekly and the daily charts showes that the USDCNH staged a very sharp rally by means of a five-pattern-wave. Unfortunately, given the limited history of the USDCNH, there are not enough elements to predict the most likely long term wave pattern.

At present, the only direction seems to be down and the most likely targets seem to be 6.686 and 6.60. See the blue horizontal lines in the daily chart.   

The 4-hours chart shows the big reversal pattern and all the other waves of lower degree.







Weekly chart. Click to enlarge





Daily chart. Click to enlarge





4-hours chart. Click to enlarge










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