Waves labels table. Degree of our waves on charts may or may not match with yours, it is not an error.
Chinese USD/CNH , USD/Yuan, spot.
Current position on USD/Yuan could be treated as a short term BUY opportunity.
We treat last USD/Yuan moves as first waves 1 and 2 of a high degree rise. Wave 2 has returned close enough to wave 1 start, that promises low loss in the case of any error and high profit if our waves count is right. Our BUY setup looks such –
– wave 1 start is a stop loss level,
– BUY could be done at the current price,
– move target is the end of previous triangular wave (B).
We expect, that some main part of wave [B] or even the whole wave [B] is already over and USD/Yuan will continue its rise at least temporarily. We are not sure, if wave [B] is already over, and have chosen the most probable target for upcoming rise – previous wave (B) end. Triangles attract reversal moves. This BUY position could be closed in our target space for more reliability.
Truthfully, we could BUY at the current level and HOLD US dollar against yuan all current wave [B] and all next wave [C] up, but current swap rate for long positions on USD/Yuan is too expensive.
US dollar looks besieged from all sides. Recent beats from euro, franc, Swedish krone, pound, CAD have push it to the weakest position in 2017 year. Unanimous traders conclusion, dollar is weak and will be more weaker in the nearest future, are shared widely. We shall present our view on US dollar position against all major currencies in our next issue, as usual, we stand aside from the mainstream opinion.
All my market opinions reflect my own trading behavior, this behavior is based on Elliott waves law. Any my opinion can not be considered as an investment advise and may or may not match with market opinions of other trading2day.com authors.
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