The yuan has strengthened by around 7.24 against the US dollar due to reports indicating better-than-expected retail sales and industrial production figures in October. Additionally, the Chinese government continues to provide consistent support to the country's economy. However, recent inflation rates and Manufacturing Purchasing Managers' Index (PMI) announced last week decreased more than anticipated, leading investors to speculate that the People's Bank of China (PBoC) might further ease monetary policies to support fundamental manufacturing sectors and the country's primary income.
China's retail sales surged by 7.6% year-on-year (YoY) in October, marking a significant leap from 5.5% the previous month. This growth was observed across various sectors, including a notable increase in car sales by 11.4% from 2.8% and communication equipment by 14.6% from 0.4%.
The inflation rate in China returned to negative territory at 0.2% YoY in October. The statistics bureau attributed the decreased inflation to stable agricultural produce supply, despite the extended Chinese holiday known as the Golden Week. Moreover, improved weather conditions have consistently supported production. Additionally, food prices, excluding those of non-food items, remained stable.
Rising retail sales, expanding industrial production in China, and a decreasing trend in the unemployment rate since the beginning of the year indicate the positive outcomes of China's economic stimulus. Major cities experienced a decline in the unemployment rate to 5% from 5.2%, and the government aims to keep it at around 5.5%, not due to reducing the workforce but to create new jobs in cities, estimating approximately 12 million positions.
The yield on China's 10-year government bonds dropped below 2.7% despite better-than-expected retail sales and industrial production figures. However, China's bond yields remain under pressure due to lingering uncertainties within the domestic economy, such as unresolved real estate issues. Additionally, the decreased inflation suggests expectations of another interest rate cut by China to boost inflation growth by next year.
Resistance: 7.2552, 7.2615, 7.2657
Support: 7.2448, 7.2407, 7.2344
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 7.2344 | 7.2407 | 7.2448 | 7.2511 | 7.2552 | 7.2615 | 7.2657 |
| Fibonacci | 7.2407 | 7.2446 | 7.2471 | 7.2511 | 7.2551 | 7.2576 | 7.2615 |
| Camarilla | 7.2460 | 7.2469 | 7.2479 | 7.2511 | 7.2498 | 7.2508 | 7.2517 |
| Woodie's | 7.2332 | 7.2401 | 7.2436 | 7.2505 | 7.2540 | 7.2609 | 7.2645 |
| DeMark's | - | - | 7.2427 | 7.2500 | 7.2531 | - | - |
Buy/Long 1: If the price touches support in the price range of 7.2407 - 7.2448 but cannot break the support at 7.2448, you may set a TP at approximately 7.2615 and SL at around 7.2344 or according to your acceptable risk.
Buy/Long 2: If the price breaks the resistance in the price range of 7.2552 - 7.2615, you may set a TP at approximately 7.2657 and SL at around 7.2407 or according to your acceptable risk.
Sell/Short 1: If the price touches resistance in the price range of 7.2552 - 7.2615 but cannot break the resistance at 7.2552, you may set a TP at approximately 7.2407 and SL at around 7.2657 or according to your acceptable risk.
Sell/Short 2: If the price breaks the support in the price range of 7.2407 - 7.2448, you may set a TP at approximately 7.2344 and SL at around 7.2615 or according to your acceptable risk.
| Name | Value | Action |
| RSI(14) | 30.826 | Sell |
| STOCH(9,6) | 29.465 | Sell |
| STOCHRSI(14) | 25.920 | Sell |
| MACD(12,26) | -0.013 | Sell |
| ADX(14) | 62.555 | Sell |
| Williams %R | -84.198 | Oversold |
| CCI(14) | -75.4553 | Sell |
| ATR(14) | 0.0102 | High Volatility |
| Highs/Lows(14) | -0.0157 | Sell |
| Ultimate Oscillator | 44.305 | Sell |
| ROC | -0.681 | Sell |
| Bull/Bear Power(13) | -0.0227 | Sell |
|
Buy:0 Sell:10 Neutral:0 Summary:Strong Sell |
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