empty
22.08.2022 10:23 AM
USD/CNY analysis for August 22, 2022 - Upside breakout and potential for bigger growth

Technical analysis:

This image is no longer relevant

USD/CNY has been trading upside as I expected. There is strong upside momentum and breakout of the multi week triangle in the background, which is sign that buyers are in control.

Trading recommendation:

Due to the strong upside momentum and potential for bigger rally, buying opportunities are preferable.

Watch for potential buying opportunities on the intraday dips with the upside objectives at 6.900 and 7.081.

MACD oscillator is showing strong fresh upside momentum, with is another confirmation for the rally.

Short-term support is set at the price of 6.655

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback