CHINESE YUAN UNDER THE CIPHER LENSE

Tendency: Temporary Downtrend (Bearish)
Structure: Trendline | Breakout | Harmonic (CYPHER)
Observation: i. The USD has been trending bullish since April 2018 (indicated on the chart with the Impulse leg XA).
ii. We cannot ignore the trendline break at exactly 7.00000 ( a psychological level).
iii. This trendline break also coincides with what appears to be a break of the supply zone.
iv. At the background of all this is a tendency that a Cypher pattern is forming in anticipation of a continuing bullish run.
v. Point B retracement of the primary XA leg lies at an approximate of 0.382.
vi. Point C falls at 1.272 projection of the primary XA leg.
vii. Price accelerates downwards towards point D breaking both the trendline and supply zone.
viii. The expectation of 0.786 retracement of XC @ 0.645000 zone confirms completion of the harmonic pattern.
Trading plan: SELL with a minimum potential profit of 5,200pips.
Risk/Reward: 1/3.5
Potential Duration: 15 to 30 days



** Please note that Stop Loss/risk-reward ratio is subject to individual risk appetite per trade and account size.

Watch this space or Telegram channel for updates as price action is been monitored.


FREE TELEGRAM CHANNEL:
Subscribe @ nirvanaforex and get real-time trading tips and updates






Nirvana! Forex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by Nirvana Trades & Investments for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.