USD/HKD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging from the current pattern that the USD/HKD currency pair has formed, an eventual break-out should to happen to the upside. This is because the pattern was started on a positive note with a surge in pair's value on March 21-24. However, technical indicators and the SWFX market sentiment tend to disagree with such a view. The former are pointing to the downside on all time frames from hourly to daily. The market in turn looks overcrowded with the bulls (72%), meaning there is little space left for fresh long trades. In addition, there is a dense supply cluster above the spot, and a failure at any of them, whether it is the weekly PP at 7.7559 or 200-hour SMA at 7.7568, will diminish the outlook.
© Dukascopy Bank SA
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