USDCNH has printed a new 34-day after a renewed US dollar strength but heavily sold off intraday.

As my final Finlogix analysis today, I am including the USDCNH trading pair. Exotic yet powerful and volatile pair of the United States dollar and offshore Chinese Renminbi.

The combination of the world’s two largest economies.

The US is set to have 4 remaining high impact economic reports starting tonight and 1 in China by tomorrow.

Assessing USDCNH’s high timeframe candles:

Yearly Candle: A Green Body with a Short Head Wick

Monthly Candle: Previous close is a Green Doji current is a Green Long-Legged Doji

Weekly Candle: Last check is a Green Long-Legged Spinning Top now a Red Long Upper Shadow with a Big Body

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Shooting Star

The USDCNH keeps going up for the year 2024 where we can see its strong support levels holding in an upward fashion.

This statement is backed by its April-June bullish monthly FVG which nearly retested in December 2023 and in connection, USDCNH’s May month shows buying resilience which frustrates bears’ attempts in sending the price lower.

This trading behavior outlines a bullish rectangle pattern or flag and pole formation sitting above the mentioned bullish monthly FVG.

The resistance level of this bullish structure dates back to December 2022 so it’s safe to say the US dollar is highly valuable against the offshore Chinese Renminbi.

Although the intraweek continues to enact a bearish pin bar, looks can be deceiving because this pattern can be similar 2 weeks ago where the USDCNH buyers immediately returned closing the following week in green.

By this, it’s too early to say that a reversal to the downside in the weekly view is happening already. Not just yet.

I will trade upon the drawn recent internal support trendline above and yesterday’s local swing high.

This is my retracement points and I like to enter a long position through its 38.20% fib level which is the first discounted array.

My stop loss is placed below the internal support’s TL while putting the take profit level at a 1.50 risk:reward score from the entry.

For now, a nearby bearish 4H FVG will be the responsible catalyst in correcting USDCNH’s price momentarily.

Let’s see how this one goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

USDCNH Intraday Analysis and Trading Plan For May 30, 2024

May 30 2024

Stop Loss -0.63%

Holding time 7d22hr

7.23981

Entry price

7.19410

Stop loss price

1