USD/CNY Trading Analysis (01/10/2024)

The trend is descending. The ascending wave structure is truncated. The currency pair is trading in the range between 365 and 135 ЕМА. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.

Trading idea:

• Sell at the beginning of the formation of the descending wave structure, when wave A breaks the sloping channel of the ascending truncated structure.
• Stop-loss at 7.0170.
• Price targets at 6.9850 and 6.9700.      

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