EUR/HKD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp retreat from more than a one-year high, EUR/HKD changed direction to the north. The advance was performed within the corridor shaped by two upward sloping and gradually converging lines, in other words, within a rising wedge pattern. At the moment of writing, EUR/HKD traded close to its daily pivot point at 10.5258 but it may follow a bearish trend in the hours to come given the disposition of its SMAs. The 50-hour SMA is meandering above the 200-hour SMA, but albeit slightly that may lead to the ‘death cross' before long.
© Dukascopy Bank SA
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