Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Sell | Sell |
RSI (14) | Sell | Neutral | Neutral |
Stochastic (5; 3) | Sell | Sell | Neutral |
Alligator (13; 8; 5) | Buy | Sell | Sell |
SAR (0.02; 0.2) | Buy | Buy | Sell |
Aggregate | ⇒ | ⇘ | ⇒ |
The American Dollar is trading against the Chinese Yuan in the short-term ascending channel. The surge of the rate began after a series of appreciations of the Chinese currency in the end of May. The channel already has two confirmations from the top and from the bottom, which indicates that the existing formation is about to start to change. This scenario is supported by the fact that fluctuations of the rate are narrowing down and concentrating around the upper trend-line of the pattern, which allows drawing a channel line for a rising wedge. The combined resistance level formed by the weekly R1 and 200-period SMA near 6.8396 serves as an additional indicator that the rate most likely is going to make U-turn and start to move downwards.