USDCNY Establishing a New Accumulation Range
The price action of USDCNY is currently establishing a major Accumulation range, as postulated by the Wyckoff Method, between the support level at 6.3450 and the 23.6 per cent Fibonacci retracement level.
The completion of the preceding downtrend, underscored by the descending channel, is confirmed by the completion of a 1-5 Elliott impulse wave pattern.
A potential breakout above the upper limit of the channel could signify a subsequent test of the 23.6 per cent Fibonacci once more.
The completion of the preceding downtrend, underscored by the descending channel, is confirmed by the completion of a 1-5 Elliott impulse wave pattern.
A potential breakout above the upper limit of the channel could signify a subsequent test of the 23.6 per cent Fibonacci once more.
