USD/Chinese Yuan has been showing dovish signals during the 3rd qtr and after the news on July 12, 2023 (which can be located on the blue location tab) the economy shows to be slowing down significantly.
After news printed on the 12th of July 23, price made a clear decision just 4 hours later we can start to see some clear institutional movement with the dovish engulfing candlestick and a day later structure appears to continue downside pressure especially with the Pin bar holding at a resistance. This could lead to a further drop in price.
Even though this pin bar has printed i'm still looking at price for a sell off from the previous news update for a stronger move to the downside. I will be patiently waiting for this move to happen.
38 Pip S/L
558 Pip T/P
Let me know what you think?
After news printed on the 12th of July 23, price made a clear decision just 4 hours later we can start to see some clear institutional movement with the dovish engulfing candlestick and a day later structure appears to continue downside pressure especially with the Pin bar holding at a resistance. This could lead to a further drop in price.
Even though this pin bar has printed i'm still looking at price for a sell off from the previous news update for a stronger move to the downside. I will be patiently waiting for this move to happen.
38 Pip S/L
558 Pip T/P
Let me know what you think?