USD/HKD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is surging in the short term against the Hong Kong Dollar in a rising wedge pattern. On a larger scale the currency pair is in a channel down pattern, as the rising wedge is in general a rebound of exchange rate against the channel's lower trend line and the following move to the pattern's resistance line. Recently the currency exchange rate bounced off a combined resistance point, where the both pattern resistance lines met around the level of 7.76. Since then the rate gradually moved lower, as it faces a strong support cluster with the wedge's lower trend line amidst the various significance levels. SWFX trader sentiment is in favor of a continuation of the decline of the rate, as the pair is overbought with 74% of open positions being long.
© Dukascopy Bank SA
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