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CHINA YUAN: ***Risk returned yesterday following the Washington trade delay
headlines. We previously highlighted in an MNI Analysis email on Tuesday that
USDCNY had formed a rising wedge, which is normally a bearish reversal pattern
(USDCNY Rising Wedge - Aug 12 1200BST). We noted the MACD & RSI indicators were
stretched and an exhaustion gap on the weekly charts suggested the potential of
a short-term correction lower. It's also worth noting of yesterday's shooting
star candle pattern which could further cement the move.
- USDCNY slipped nearly 6 big figures to Cny7.0165 overnight and holds toward
the base of its daily range. A break back under Cny7.00 opens a move towards
Cny6.9525 which represents the 50% retracement level of the June - August rally.
Below here opens the 50-dma & trendline support drawn off the Apr 18 low at