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Yen stabilized overnight

al_dcdemo Updated 8 Jan.  in #Trader's blog #Support #Resistance #USD/JPY #Pboc #H1 Chart #U S Jobs Report
After 300 pip decline since the beginning of the week, the pair finally made some pause. It was all about China again overnight and the pair responded with an almost 100 pip rally after the PBOC held the yuan reference rate near yesterday's level.
It's not the end of the day and the week yet with U.S. labour market report coming up at 13:30 GMT. Expectations are for about 200K new jobs added in December, which tends to be a volatile month regarding this matter.
A strong number shall see the pair…
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Dollar strength to start the year

al_dcdemo Updated 4 Jan.  in #Trader's blog #Dollar #Yen #Volatility #Stocks #Monday #Pboc #Offshore Renminbi #Yuan Reference Rate
Quite a lot of action for a Monday but it's not an ordinary day. A volatile first trading day of 2016 has seen the dollar rise and stock fall. Commodites have been mixed but mostly lower.
Yen was the only major currency that beat the dollar on this risk-off day. Offshore renminbi climbed to new multi year highs while PBOC set yuan reference rate to 6.5032 overnight.
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PBOC devalues yuan for the third consecutive day

al_dcdemo Posted 13 Aug.  in #Trader's blog #Support #Resistance #Pboc #Devaluation #H1 Chart #USD/CNH
PBOC devalued yuan last night again, this time by 1.1% (vs. 1.9% on Tuesday and 1.6% on Wednesday). They said that the move is about transition to more market based approach to yuan pricing. That sounds good, but I think they don't mind that their currency weakened as a "side effect".
The pair (USD/CNH) found support around Tuesday's high (6.4350). Wednesday's pullback looks quite deep. It's not a classical one way market in this case but, with reference rate (fix) now at 6.4010, I think further…
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China does it again

al_dcdemo Updated 12 Aug.  in #Trader's blog #Support #Resistance #Pboc #H1 Chart #USD/CNH #Reference Rate
I had a very busy (non-trading) day today. I was away from charts all day, but I "knew" at least one big move will happen during that time. I expected Euro strength, but didn't quite expect Franc strength even though the pairs are related. What I didn't expect at all was that PBOC will follow up with another huge yuan reference rate adjustment so soon. I haven't checked the details yet, but it appears that yesterday's adjustment was not a one-off :-)
After rallying more than 3800 pips from the l…
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China devalues yuan

al_dcdemo Updated 11 Aug.  in #Trader's blog #Pboc #Devaluation #H1 Chart #USD/CNH #Reference Rate #Offshore Yuan
PBOC devalued yuan fix by the most on record (1.9%) overnight. The reference rate is now set at 6.2298, from 6.1162 previously. USD/CNH (offshore yuan) has so far rallied almost 1900 pips and is currently stalling ahead of 6.40 level.
PBOC officials said that this move is a one-off adjustment, but that appears unlikely as strong yuan is one of the main obstacles to Chinese exporters and devaluation will likely be needed if they wish to remain competitive. The move may also signal that they'll do…
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Aussie tests lower end of the range

al_dcdemo Posted 31 Mar.  in #Trader's blog #AUD/USD #Aussie #Momentum #Pause #Pboc #Cycle Low
Despite dovish comments from PBOC governor Zhou over the weekend, Aussie fell more than 100 pips yesterday. The decline stalled on the trendline that was broken last Friday, but the momentum of the move suggests that this may be just a temporary pause before further falls. Weekly Support 2 at 0.7618 and 0.76 level should lend it some support before cycle low at 0.7560.
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