Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Buy | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Neutral | Sell | Neutral |
Alligator (13; 8; 5) | Buy | Buy | Buy |
SAR (0.02; 0.2) | Sell | Buy | Buy |
Aggregate | ⇒ | ⇗ | ⇗ |
The US Dollar was trading sideways against the Chinese Yuan during the first two weeks of June. This was followed by sudden acceleration as a result of which the rate gained 1.70% within a couple of sessions. Along the way, it breached the senior channel formed in late 2016.
It is apparent on the chart that the rate has likewise reached the upper boundaries of two junior patterns near 6.49. The Greenback might still edge slightly higher during the following hours until the monthly R2 and the weekly R2 at 6.5050 are reached, as technical indicators still point to some upside potential prior to reversing to the downside.
Subsequently, it is expected that the Greenback tries to make a retracement from the breached channel and the 23.60% Fibo, thus targeting the 6.41 area this week.