FX.co ★ USD/CNY analysis for August 22, 2022 - Upside breakout and potential for bigger growth

Technical analysis:

USD/CNY has been trading upside as I expected. There is strong upside momentum and breakout of the multi week triangle in the background, which is sign that buyers are in control.

Trading recommendation:

Due to the strong upside momentum and potential for bigger rally, buying opportunities are preferable.

Watch for potential buying opportunities on the intraday dips with the upside objectives at 6.900 and 7.081.

MACD oscillator is showing strong fresh upside momentum, with is another confirmation for the rally.

Short-term support is set at the price of 6.655