If they do not want to do stimulus, what else can they do?

Peeps,

China state run agency came out to state that China do not need to do another round of stimulus. Since the issue loom on whether China's economy will hit either a soft or hard landing, what else can they do to chalk up their battered economy?

Found an article that show briefly that Chinese Yuan/ Renminbi is falling.
Chinese yuan is falling

After looking at the chart, found the answer to the question? Something for you guys to think about. China is a big deal. Any movement by them will move the global economy indirectly. Remember, they are also the largest trading partner of Australia too.

Cheers,

Renomic

Updates: Possible short term corrective move for Aussie?

Peeps,

Earlier we actually shared that AUD/USD possible showing head and should formation. Zooming in the short term 30 min chart, there is a nice channel with impulse 5 waves in progress. Currently the price has reach wave 3. There is a possibility that wave 4 is in progress now as London is offline soon. Below is the chart

Perhaps by this tomorrow or Friday we shall see the price reaching wave 5 to mark the end of the impulse 5 waves. If the wave 5 terminal price never penetrate the previous low at 0.96898, then the possible head and shoulder formation is still in play.

Cheers,

Renomic

Possible short term corrective move for Aussie?

Peeps,

As we have seen through the whole of the month of May, only one word to describe it; HeLL. However, no doubt the sentiment now is very bad, most of the risky currencies have beaten down so badly, that only safe haven like US$dollar is the only currency outperform most out there. However, we are approaching June, and traditionally June is the month that many events will shape the second half of the year.

One pair that were identified with potential of a relief correction is AUD USD. Anyway picture tell a thousand words. Below is the possible Head and shoulder formation possibly forming this week.

Possible Head and Shoulder for AUD/USD (1hr Chart)

As i had identified in late April of the possible downfall for Cable (GBP/USD), this AUD/USD is identified to do the opposite after a very bad month of May. Of course there is still high possiblity that it will move lower to the previous low at 0.96898. However, judging from the price action in equities this week, a possible short term relief maybe on the way.

Perhaps fueled again by QE? Nevertheless, if this Head and Shoulder formation is true, this pair may recover back to $1.00 again by short covering or temporary correction before moving lower in the mid and long term forecast.

Cheers,

Renomic