The Australian Dollar is trading against the Hong Kong Dollar in the medium-term ascending channel. However, a depreciation of the Aussie, which lost 158 basis points in the beginning of the May, and its subsequent recovery led to formation of the short-term descending triangle with the equal lows located at the 1.0336 level. Currently, the pair is trading slightly below the weekly PP at 1.0381 and trying to pave the way to the bottom edge of the triangle. Most likely that the rate will not succeed to break through it, as it faces strong support from the trend line and weekly S1 at 1.0329.
| Level | Rationale |
Indicator |
30M | 1H | 4H | |||
| R4 | 1.0389 | Upper Bollinger Band | Buy | Buy | Buy | |||
| R3 | 1.0386/87 | 55-period SMA; 100-period SMA | RSI (14) | Sell | Sell | Sell | ||
| R2 | 1.0383 | 200-period SMA | Stochastic (5; 3) | Sell | Sell | Sell | ||
| R1 | 1.0381 | Weekly PP | ADX (14) | Buy | Buy | Buy | ||
| S1 | 1.0355 | Bottom Bollinger Band | CCI (14) | Sell | Sell | Sell | ||
| S2 | 1.0351 | Monthly S1 | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.0336 | Trend line | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 1.0329 | Weekly S1 | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↘ | ↘ | ↘ |