USD/CNY Trading Analysis (14/05/2024)

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

Trading idea:

Sell when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the ascending truncated structure. 

Stop-Loss is out of the local maximum of the ascending structure at 7.2450.

Target price levels at 7.2200 and 7.1890.

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