USD/HKD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar entered a rising wedge pattern against the Hong Kong Dollar on May 9 and since than it has two times topped and bottomed out. At the moment it is in a volatile movement to the lower trend-line, as it has topped on Tuesday, but still faces six supports on its way down. First of all, it is going to encounter the cluster from 7.7705 to 7.7699 where the 55 and 100-hour SMAs, daily PP and weekly R1 are located. If the exchange rate passes them, then it will move forward to the second cluster at around 7.7685, where the first daily support and 200-hour SMA reside.
© Dukascopy Bank SA
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