Markets appear unmoved but intraday picture is a picture of confusion. Maybe they are no big deal but coming at the end of May which is now ending at a high note these could signal something different for June. Keep at back of mind.
Chart #1 – DJ30 15 minute chart showing very volatile action on 30 May 2017 trading
Chart #2 – China A50 2-hour u-turning snap action
This could be no big deal but at 52-week high, this kind of action could set off a panic attack. To a trader taking a quick glance at the ticker, China A50 appears unmoved for the day – in fact unmoved since the last 3 days – but to someone highly geared to ride ‘all in’ this breakout, there could be a widow-maker somewhere in this action.
Chart #3 – Very decisive move in USDCNH making 2017 new low
I don’t know what to make of these action, but this is the most decisive one day strengthening in the CNH since March. USDCNH has printed a new low for the year. Let’s hope this does not set off some kind of chain reaction that will come back to bite. Bear in mind 24 August ‘Black Monday’ in 2015 was preceded by consecutive big movements in CNH. Probably nothing but keep in mind.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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