USD/HKD 1D Chart: Descending triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Just days ago USD/HKD managed to break the half-year descending triangle, maintaining strong resistance at 7.7532. We expect the pair to rally over the next few months until it reaches the 200-day SMA at 7.7657 encountering intermediate resistance at 7.7602 on its way. The rate has not been successful in its attempt to conclusively leap away from the top trend-line of the triangle, therefore it is likely to touch the 100-day SMA just to revisit the 7.7553 mark and then make its way towards the 200-day SMA. On the other hand, a strong bearish signal is being sent by the 55-day and 100-day SMA crossover, therefore, in case the SMAs do put enough pressure on the pair and the Dollar does depreciate, it will be stalled by the major resistance line at 7.7532. Aggregate technical indicators show no conclusive evidence in favour of any scenario.
© Dukascopy Bank SA
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