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May 31 - 04:55 PM

USD/CNH - Yuan Bulls Don't Like What They See At Month's End

By Christopher Romano  —  May 31 - 04:04 PM
  • USD/CNH fell below the 10-DMA, up trend off May 3 low Friday, traded 7.2482

  • Buyers emerged there and a rally ensued as risk sentiment soured

  • US$ firmed while stocks ESv1 and gold XAU= turned lower on the session

  • USD/CNH rallied above the trend line & 10-DMA, traded 7.2684, was up +0.13%

  • Daily RSI diverged and the rally kept the up trend off the May 3 low intact

  • Monthly RSI is rising and a monthly bull hammer candle is in place for May

  • That candle formed after mid point of 15-month Bolli bands was tested

  • Technical signals do not bode well for USD/CNH shorts

  • For more click on FXBUZ

 

Source:
Refinitiv IFR Research/Market Commentary

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