Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Sell | Sell | Sell |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Neutral | Sell | Neutral |
Alligator (13; 8; 5) | Sell | Sell | Sell |
SAR (0.02; 0.2) | Sell | Sell | Sell |
Aggregate | ⇒ | ⇒ | ⇒ |
The American Dollar is losing value against the Chinese Yuan in a two week long descending channel. Formation of the pattern represents a rebound of the currency rate from the bottom trend-line of a preceding short-term channel down. During the last week the pair tried to reach the pattern's upper boundary for the third time. However, this attempt was neutralized by the 100-hour SMA near 6.7480. Since that moment the rate continued to move to the south, which was a sign of transformation of the channel into the falling wedge. Most probably, the rate will continue to move along the 20-hour SMA and slip towards the updated weekly S1 at 6.7211. This support level should force the pair to make another rebound before leaving the pattern.