USD/HKD 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a two-month high of 7.7677 on March 14 pushed the USD/HKD into a 314-bar long double bottom pattern, where the currency couple is trading now.
At the moment, the pair is attempting to consolidate above the 200-hour SMA at 7.7575 that represents a critical level since a jump above it will take USD/HKD closer to the neck-line at 7.7598, above which the U.S. Dollar is likely to perform a steep advance versus its Asian peer. However, we have to note that to attain the neck-line, the pair has to overcome two additional resistance zones at 7.7577/80 (daily R1 and four-hour R1) and 7.7583/91 (four-hour R2, R3 and daily R2, R3).
© Dukascopy Bank SA
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