FX.co - USD/CNY analysis for August 29, 2022 - First upside target has been reached, second target in the playt at 73080

2022-08-29T11:51:14

Relevance until2022-08-30

Technical analysis:

USD/CNY analysis for August 29, 2022 - First upside target has been reached, second target in the playt at 73080

USD/CNY has been trading upside as I expected. The price reached my first upside objective at 6.910 and is heading towards second upside target.

Trading recommendation:

Due to the strong upside momentum and no sign for the reversal, I see further growth.

Watch for potential buying opportunities on the intraday dips with the upside objective at 7.080.

MACD oscillator is showing fresh new upside momentum, which is good sign for further growth.

Key support is set at the price of 6.830

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CNY analysis for August 29, 2022 - First upside target has been reached, second target in the playt at 73080