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Saturday, February 14, 2009

FOREX: USD AGAINST CHINESE YUAN - DOWNWARD BIAS

Posted by admin at 10:20 AM

The price chart looks almost unchanged from a week ago. A one day gap down on Tuesday, February 10th, has since almost been neutralized by a subsequent gap up.

As mentioned last week, the price pattern suggests down side bias.

Daily USD/CNY chart as at 12 February 2009 using NextVIEW Advisor. Click on chart for larger view.

TECHNICALS
Stochastic – nearing it’s oversold level.
MACD – slightly down, in negative territory
EMA20 – flat.
R1 – 6.8300
R2- 6.8500
S1- 6.8050

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Article and Commentary by Don Schellenberg. A trader and trading coach, he is a noted expert on Market Structure, Elliott Wave and Fibonacci. He trades the forex market.

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Saturday, February 14, 2009

FOREX: USD AGAINST CHINESE YUAN - DOWNWARD BIAS

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