Buy on a level breakthrough of 0.6387 with 0.6440 target. Stop loss = 0.6337.
Reason for the trading strategy
In August, the business activity index in China's manufacturing sector decreased from 50 p. to 49.7 p. Despite the 1.23% morning decline of the Shanghai Composite Index, commodities and commodity currencies are consolidating near yesterday's levels. Note that the Central Bank of China supported the commercial banks yesterday, providing them loans amounting to 140 billion yuan.
Reason for the trading strategy
In August, the business activity index in China's manufacturing sector decreased from 50 p. to 49.7 p. Despite the 1.23% morning decline of the Shanghai Composite Index, commodities and commodity currencies are consolidating near yesterday's levels. Note that the Central Bank of China supported the commercial banks yesterday, providing them loans amounting to 140 billion yuan.
