wisepowder: Usd/Cnh – Potential Bullish Price Action
Usd/Cnh – Potential Bullish Price Action
Even though the U.S trading markets are jittery regarding the first presidential debate between the incumbent and his opponent, market speculators are uniquely unfazed and as they look bullish as current price action structure suggest a high chance of buy set up momentum as buyers rejecting any price bid to the downside shoved by the sellers.To get more news about WikiFX, you can visit wikifx official website.
The price handle level 6.81010 has been for four days now and tested now three times, been buyers demand zone block and with supporting confluences of the minor lower trend line and the 50 MA as support channel and band respectively and as you can view on the four hour chart a long red piercing candle at the moving average line.
The bigger play for market participants are looking at if there will a break past the low level line of August trading session and if there will be a breach and retest of the same, then buyers will be angling up in full throttle. Inversely, if it may happen that the fresh new support line holding for the last four days is breached to the downside, then a temporal shift of unexpected news cycle just dropped and caused a drop in buying sentiment.
Of course, ones discretion and risk management is advised.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.