USDCNH is on a 6-day winning streak
The US will release a series of high-impact economic indicators related to inflation and the labor market during the trading session, which will bring high volatility to major Forex pairs.
The US will release: Consumer Price Index, which is expected to increase from 296.171 to 296.43; a higher figure will be positive for the USD as it suggests high economic activity. They will also release the Inflation Rate YoY, which is expected to drop from 8.3% to 8.1%; higher inflation will be bullish for the USD but will negatively impact the US Stock market.
The US Initial Jobless Claims indicator is expected to increase from 219K to 225K for the first week of October, suggesting that the labor market is finally giving in; however, we have seen surprisingly good numbers for the labor market in recent weeks.
Later in the trading session, China will release the Inflation Rate YoY, which is expected to increase from 2.5% to 2.8%; a higher rate will be positive for the Yuan exchange rate against other currencies.
China will also release the Balance of Trade for September; analysts anticipate an increase from 79.39B to 81B. China is a prominent exporter and has maintained a surplus since 1995; a higher figure than expected will be positive for the Yuan.
USDCNH is on a six-day winning streak; the general trend continues to be upward as the pair is currently trading above the short and long-term moving averages. Our parabolic S A R indicator strengthens the long signals.
The Bollinger bands are still wide and moving upwards, which suggests there will be high volatility and that the pair will continue moving upwards; however, the bands are starting to shrink, which indicates that the pair might enter a consolidation phase in the medium term.
The relative strength index is at 64%, allowing the pair to continue climbing a bit before entering an overbought status. If this happens, there might be a temporary change in the market sentiment.
Read more news.baxiamarkets.com/usdcnh-is-on-a-6-day-winning-streak
This publication does not provide financial advice for traders, and its only purpose is education. Use all the available information from different analysts and develop your own trading strategy. Trading forex and cryptocurrencies is not for everyone. You should only trade with money you can afford to lose. Past performance does not indicate future results.
The US will release: Consumer Price Index, which is expected to increase from 296.171 to 296.43; a higher figure will be positive for the USD as it suggests high economic activity. They will also release the Inflation Rate YoY, which is expected to drop from 8.3% to 8.1%; higher inflation will be bullish for the USD but will negatively impact the US Stock market.
The US Initial Jobless Claims indicator is expected to increase from 219K to 225K for the first week of October, suggesting that the labor market is finally giving in; however, we have seen surprisingly good numbers for the labor market in recent weeks.
Later in the trading session, China will release the Inflation Rate YoY, which is expected to increase from 2.5% to 2.8%; a higher rate will be positive for the Yuan exchange rate against other currencies.
China will also release the Balance of Trade for September; analysts anticipate an increase from 79.39B to 81B. China is a prominent exporter and has maintained a surplus since 1995; a higher figure than expected will be positive for the Yuan.
USDCNH is on a six-day winning streak; the general trend continues to be upward as the pair is currently trading above the short and long-term moving averages. Our parabolic S A R indicator strengthens the long signals.
The Bollinger bands are still wide and moving upwards, which suggests there will be high volatility and that the pair will continue moving upwards; however, the bands are starting to shrink, which indicates that the pair might enter a consolidation phase in the medium term.
The relative strength index is at 64%, allowing the pair to continue climbing a bit before entering an overbought status. If this happens, there might be a temporary change in the market sentiment.
Read more news.baxiamarkets.com/usdcnh-is-on-a-6-day-winning-streak
This publication does not provide financial advice for traders, and its only purpose is education. Use all the available information from different analysts and develop your own trading strategy. Trading forex and cryptocurrencies is not for everyone. You should only trade with money you can afford to lose. Past performance does not indicate future results.
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