USD/HKD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A two-week period of unusual tranquillity ended in mid-July, when the U.S. Dollar embarked upon a rapid appreciation versus its Hong Kong counterpart. However, now the upswing may have come to an end since USD/HKD has plunged below the lower limit of the rising wedge pattern the pair shaped throughout its advance. If the pair extends its losing streak – the likelihood of bearish scenario is rather high – USD/HKD may slide to the 7.7513/2 (daily S1; four-hour S1). In case this obstacle fails to mollify selling pressure, the pair may test 7.7509/6 (four-hour S2, S3; daily S2; 200-hour SMA), below which the mark of 7.7505 (daily S3) may become the last stop before a massive sell-off.
© Dukascopy Bank SA
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