EUR/HKD 30M Chart: Channel down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The upper-trend-line of a symmetrical triangle has been broken by the EUR/HKD currency pair, implying the continuation of a bullish trend towards the 4 hour channel top trend-line. The rate lies currently at 8.7620, a level attained just moments ago after experiencing a significant hike upon the GfK German Consumer Climate data announcement - an unusual reaction to data entirely in line with expectations. The reaction was stalled by the weekly R1 at 8.7670 and a bounce from the 200-period SMA at 8.7597 or the top triangle trend-line can be expected ahead of a rally towards the channel top trend-line at 8.7701. In the weekly time-frame, however, a rising wedge has formed a significant support level at 8.7499, which suggests that the pair will not respect the channel lines after the top trend-line is reached, and is likely to break the bearish trend over the next week. 4 hour and hourly aggregate technical indicators send mixed signals about the future developments of the trend.
© Dukascopy Bank SA
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