USD/CNH Down 71 Pips, Crosses 200 Day Moving Average; in a Downtrend Over Past 14 Days

USD/CNH Price Recap

USD/CNH is down 71 pips (0.1%) since yesterday (with its current price near 6.95742), marking the 6th day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 36.9% from the day before — and down 20.54% from the same day the week before. Relative to other instruments in the Forex asset class, USD/CNH ranked 16th yesterday in terms of percentage price change. The price chart of USD/CNH below illustrates.

USD/CNH Technical Analysis

First things first: USD/CNH crossed below its 200 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 40.1 pips away. Volatility for USD/CNH has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USD/CNH’s price has gone down 16 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!