USD/CNY technical analysis: 21-DMA regains buyer’s attention amid latest recovery

61.8% Fibonacci retracement, 200-day SMA, limits the USD/CNY pair’s immediate downside.
Buyers aim for 21-day SMA on the back of the latest recovery.
Upward sloping RSI add strength into the ascending momentum.

Anil Panchal FXStreet

While 200-day simple moving average (SMA) triggered the USD/CNY pair’s U-turn, buyers now aim for 21-day SMA level as the quote clocks around 6.8813 during early Tuesday.

Ahead of the 6.9044 SMA figure, early-month lows around 6.8980/90 can entertain buyers.

If prices remain strong beyond 6.9044, an eight-month-old descending trend-line at 6.9294 and December 2018 top close to 6.9605 could be on the bull’s radar.

Meanwhile, 618% Fibonacci retracement of October 2018 to March 2019 decline, at 6.8605, offers immediate support to the pair before highlighting 200-day SMA level of 6.8311 as the rest-point.

In a case where the quote slips beneath the longer-term MA, 100-day SMA level of 6.7835 is likely to please sellers.

It should also be noted that 14-day relative strength index (RSI) is on the upward trajectory from the near oversold region, which in turn flashes brighter chances of the pair’s up-moves.

USD/CNY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	6.8811
Today Daily Change	0.0041
Today Daily Change %	0.06%
Today daily open	6.877

Trends
Daily SMA20	6.9056
Daily SMA50	6.8413
Daily SMA100	6.7821
Daily SMA200	6.8306

Levels
Previous Daily High	6.8829
Previous Daily Low	6.8671
Previous Weekly High	6.9307
Previous Weekly Low	6.8345
Previous Monthly High	6.9224
Previous Monthly Low	6.7345
Daily Fibonacci 38.2%	6.8769
Daily Fibonacci 61.8%	6.8731
Daily Pivot Point S1	6.8684
Daily Pivot Point S2	6.8599
Daily Pivot Point S3	6.8526
Daily Pivot Point R1	6.8842
Daily Pivot Point R2	6.8915
Daily Pivot Point R3	6.9

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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