Day: August 3, 2020

August 3
2020

USD/CNY Trends in 6.9 Range Amid Strong PMI Readings

The Chinese yuan is weakening slightly against the US dollar to kick off the trading week, despite strong economic data. The yuan had been finding support on a better-than-expected rebound, as well as confidence in the broader financial markets. Whatever happens, it appears that the yuan on track for further appreciation in the second half of 2020, which is what some analysts had forecast. According to the National Bureau of Statistics (NBS), the manufacturing purchasing managers’ […]

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August 3
2020

Bulls Looking Tired at 0.7191 on AUD/USD

The Australian versus the US dollar currency pair failed to conquer the 0.7191 resistance level. Is this a sign of the bears getting stronger? Long-term perspective The rise that came about after the retracement from the rooted 0.5516 support level extended all the way to the 0.7227 high. What draws attention is that the 0.7227 high — as of writing — is part of the false piercing which formed above the 0.7191 firm area. In itself the relevance […]

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