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FxWirePro: Chinese yuan trades marginally lower despite robust trade balance data

  • USD/CNY is currently trading around 6.3254 marks.
     
  • It made intraday high at 6.3326 and low at 6.3229 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 6.3100 mark.
     
  • A sustained close above 6.3225 marks will test key resistances at 6.3495, 6.3625, 6.3855 and 6.4017 marks respectively.
     
  • Alternatively, a daily close below 6.3225 will drag the parity down towards key supports at 6.3100, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
     
  • PBOC sets yuan mid-point at 6.3239 / dlr.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • China Feb trade balance USD increase to 33.74 bln us (forecast 0.6 bln us) vs previous 20.35 bln us (revised from 20.34 bln us).
     
  • China Feb imports y/y decrease to 6.3 % (forecast 9.7 %) vs previous 36.9 %.
     
  • China Feb exports y/y increase to 44.5 % (forecast 13.6 %) vs previous 11.1 %.

We prefer to take short position on USD/CNY only below 6.3100, stop loss at 6.3495 and target of 6.2942/6.2584.

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January 22 19:00 UTC 471437471437m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 459617459617m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 459617459617m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 459617459617m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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