USD/CNH Up 28 Pips, in an Uptrend Over Past 30 Days; Nears 20, 50 and 200 Day Moving Averages

USD/CNH Price Recap

The back and forth price flow continues for USD/CNH, which starts today off at 6.97327 US dollars, up 28 pips 0.04% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 2.49% from the day prior, but down 33.91% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CNH ended up ranking 21st for the day in terms of day-over-day price change. Below is a price chart of USD/CNH.

USD/CNH Technical Analysis

Notably, USD/CNH is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 41.8 pips away. Volatility for USD/CNH has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USD/CNH’s price has gone up 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDCNH; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.