USDCNH seems to be forming a double zigzag w-x-y of a cycle degree. By the beginning of this month, the bearish intervening wave x has come to an end, it looks like a primary double zigzag Ⓦ-Ⓧ-Ⓨ.
-638128336559335259.png)
It is assumed that in the last section of the chart, the actionary wave Y is being constructed. Perhaps it will take the form of a standard zigzag Ⓐ-Ⓑ-Ⓒ.
The primary impulse wave Ⓐ could come to an end, so in the near future the price may be adjusted in the wave Ⓑ. Its finale is expected near 6.802. At that level, it will be at 50% of impulse Ⓐ.
-638128337020395565.png)
In the second option, the price can continue to move up in the primary impulse wave Ⓐ.
It is possible that at the moment only two intermediate sub-waves (1)-(2) have been completed in the impulse Ⓐ. In the near future, the price may rise in impulse (3) to 7.037. At that level, it will be at the 200% Fibonacci extension of impulse (1).
An approximate scheme of possible future movement is shown on the chart.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.