EUR/HKD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/HKD lost value for two consecutive months inside a descending channel pattern, claiming the upper trend-line a few days ago. The pair is currently consolidating along the 200-hour SMA and bound from the downside by a cloud support which it has been respecting along the motion. With supply pressures stemming from various time-frame SMAs, the pair will likely make its way up smoothly, targeting the daily R1 at 8.2663 and then 8.3613 before more prominent highs are attacked. The rate is currently testing the upper Bollinger Band at 8.2457 and we expect it to hitch a little more before it gets conclusively broken.
© Dukascopy Bank SA
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