USD/HKD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite breaking out from the descending triangle pattern on September 13, USD/HKD did not manage to consolidate above the upper-limit of the pattern and dived below it to trade near 50-hour SMA at 7.7534. The pair is expected is to appreciate in the days to come, given that traders are bullish on the currency couple in 83.33% of cases. To confirm this, USD/HKD has to overcome a strong selling pressure coming from the upper-boundary of the pattern and move to the daily pivot point at 7.7545 that represents the next constraint for an upward move. If the pair breaches this level, it is likely to approach its 200-hour SMA at 7.7551, the level which may thwart a climb of the pair.
© Dukascopy Bank SA
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