USD/CNH Heads Up For the 3rd Day In A Row; is Inching Close to 20, 50, 100 and 200 Day Averages

USD/CNH Price Recap

USD/CNH is up 55 pips (0.08%) since yesterday (with its current price near 6.96832), marking the 3rd day in a row an increase 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 30.22% from the day before — and down 19.35% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CNH ended up ranking 12th for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/CNH.

USD/CNH Technical Analysis

The first thing we should note is that the current price of USD/CNH is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 81.3 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone down 6 out of the past 10 days.