USDCNY Bearish Leg confirmed after this 1D MA50 failure.

The USDCNY pair has technically topped as it broke below its 1D MA50 (blue trend-line) and upon a re-test, it got rejected. This test-and-fail pattern is seen during both previous Bearish Legs in the past 15 months.

Even the 1D RSI is identical among all three fractals and they both ended up declining by roughly -3.60%. As a result, we turn bearish here on a confirmed break-out signal, targeting 7.0800.


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