USD/HKD 1H Chart: Short-term channel in sight - Trade Pattern Ideas - Dukascopy Bank

Wed, 24 Jul 2019 11:06:20 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

The USD/HKD exchange rate has been trading within the ascending channel since the beginning of July. As apparent on the chart, the rate has already reversed north from the lower channel line at 7.8020.  

From a theoretical point of view, it is expected, that some upside potential could prevail in the market in the short term, as the currency pair should target the upper channel line located in the 7.8400/7.8500 range.  

However, note, that the pair has to surpass the resistance cluster formed by the 200-hour SMA, the weekly and monthly PPs in the 7.8158/7.8174 range. If the given resistance holds, the rate could reverse south and breach the given channel south.


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