USD/HKD 4H Chart: Symmetrical Trinagle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/HKD remains inside of a widely ranging market with support at 7.7536 and resistance of 7.7602 and has recently lost some volatility to form a symmetrical triangle pattern. The lack of trend comes as no surprise due to the peg between both currencies, but potential for small-scale fluctuations still remains. We look for a continuation of the initiated southward movement with 7.7557, the triangle bottom trend-line as the first target to dive underneath. The downtrend is backed by a rising wedge on the daily chart, meaning that the pair could violate one of the trend-lines to give in to a superior pattern, but potential would still remain bearish.
© Dukascopy Bank SA
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