USD/HKD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a six-week high of 7.7677 in the second part of March provoked a massive sell-off of USD/HKD that had lost almost a hundred pips before it slowed down the pace of decline and entered a falling wedge pattern that now is circa 100-bar long.
At the moment, the pair is sitting slightly above the short-term SMA at 7.7536 and may try to bounce off this mark before long as technical indicators point to a possible rally in the nearest term but at the same time the data warns of a potential decline in the longer perspective.
© Dukascopy Bank SA
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