USD/HKD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having received an impulse for a rally after crossing its 200-hour SMA, USD/HKD was following an upward trend until it topped a three-week high. The pair retreated from this mark to the pattern's support, and now the level of 7.7563 (pattern's support) prevents USD/HKD from a further decline towards the support zone sitting at 7.7558/7 (four-hour S2 and daily S1). At the same time, the pair is not expected to tumble, as traders buy the pair in 91.67% of cases. To meet the traders' expectations, the pair should overcome its four-hour pivot at 7.7565 and cross the resistance at 7.7568 (daily R2) en its route towards the upper-limit of the pattern at 7.7572.
© Dukascopy Bank SA
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