USD/CNH Trading Analysis (19/10/2023)

Bulls are testing the upper border of the accumulation zone. The uptrend wave structures are truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the overbought state.

Trading idea:

Sell at the formation of the descending wave structure, when the A-wave breaches the 7.3219 (pivot 2 of the ascending truncated structure).

Stop-Loss: 7.3300.

Target price levels: 7.3060, 7.2820.
 

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