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The same as the previous trade pattern, a descending triangle formed by USD/HKD one month ago is moving to its apex, therefore can be profitable.
Tools of technical analysis are sending mixed signals and pair's future movement cannot be predicted precisely. On aggregate technical indicators on 1D chart are sending "sell" signals, pointing at another re-test of the support line. However, the majority (71%) of traders are opening long positions, expecting appreciation of the pair. In case of the downside breakout, lower prices and increased trading volumes are expected.
© Dukascopy Bank SA