A derivative morning star signal at the sideways support, 0.5 Fibonacci retracement shows a clear demand for the pair at this price. Morning star looks very bullish, expecting a break of the wedge to the upside, in the form of a 3 wave measure move into the highs of the range. Looks like a great potential trade.
Comments
Victor.Y.F
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Thank you Tom! I predict long term renminbi target is 7.20 USDCNY. After that we have a peg to dollar for 2 years. When it's pegged, FRB will move.