CAD/HKD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A huge, 358-bar long, double bottom pattern was formed by CAD/HKD. Since late October, the pair has been bounded by two parallel trend lines in a 780 pips range. Though, technical are not univocal, it is important to mention each new low was lower than the previous one. In the short-term, the outlook is bullish, as 74% of traders are holding long positions, while 7.3780 is not expected to be breached in the nearest future. Therefore, long traders may focus on 4H pivot and daily support at 7.3897 and 7.3967 respectively. As an alternative scenario, bears may penetrate the support line, and put 7.3730 on the map.
© Dukascopy Bank SA
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