USD/CNY: Trend Down?
The market is seemingly trying to pull its way up out of the 'Vomit' though this has only really happened in the last two weeks and may even be premature. The spark to try high was the ever descending Middle Tine of the Jan - Sep 2017 Schiff Pitchfork (currently 6.3209) that had by its fall impinged upon the market. This caused the sharp rise and Gap over the May Day period and the run up to the significant Medium MA resistance (currnetly 6.3623) that batted the market down with a Bearish Outside Day. We saw limited follow on Friday but significantly we had the high of Friday around the Medium MA resistance.
If we'd managed two consecutive closes over the Medium MA it would have put us into Neutral (...we sill might!). As it is, we're sill in Bearish mode and may look forward to a possible test of the Middle Tine support again or possibly a reversion up to the Medium MA resistance. With this in mind, I'm toning the Bearish bullet point above with a quesion mark. This i es in with the MAs as the two major ones are poining down but one other is sideways and another is poining up.
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