USD/CNY Trading Analysis (11/12/2024)
The trend is up. The pair is trading between 365 and 135. The descending wave structures are truncated as the inverse wave model 'Boguraev's Matryoshka' is forming. There is a bearish divergence on the Awesome Oscillator and the Stochastic Oscillator. The sloping channel of the inner truncated structure has been breached.
Trading idea:
- Buy at the beginning of the formation of the ascending wave structure.
- Stop-loss at 7.2400.
- Price targets at 7.2800 and 7.3100.
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