USD/HKD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3) Buy Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The American Dollar is gradually gaining value against the Hong Kong Dollar in a medium-term ascending channel. Although formation of the pattern began in the middle of May, the new uptrend started to guide movement of the pair already from January. At the present moment, the pattern has four confirmation points, which means that it has reached maturity and might be broken in the upcoming weeks. The latest surge started in the beginning of July, when the pair bounced off from the channel's bottom boundary and the 200-period SMA. Because of that, the pair, generally, is expected to continue to move upwards at least until it reaches the monthly R1 at 7.8151, which might force it to turn around. However, until is backed up by another technical indicator, the projection remains that the buck will manage to bypass it.

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