FX.co - USD/CNY analysis for August 23, 2022 - Upside breakout of triangle and potential for bigger growth

2022-08-23T08:16:26

Relevance until2022-08-24

Technical analysis:

USD/CNY analysis for August 23, 2022 - Upside breakout of triangle and potential for bigger growth

USD/CNY has been trading upside as I expected. The CNY is approaching first upside objective and the momentum is still strong to the upside.

Trading recommendation:

Due to the strong upside momentum and no signs for the reversal, I see further rise.

Watch for potential buying opportunities on the intraday dips with the upside objectives at 6.910 and 7.080.

MACD oscillator is showing new fresh upside momentum, which is sign that buyers are in control.

Support is set at the price of 6.730

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CNY analysis for August 23, 2022 - Upside breakout of triangle and potential for bigger growth