USD/HKD 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a one-month high of 7.7677 provoked an accelerating decline of USD/HKD that lasted during more than a month and ended only when the pair touched a three-month low of 7.7520 on April 22. This low gave the pair an impulse to erase some of the previous losses and pushed it into an ascending triangle pattern.
However, the pair failed to draw strength from this impulse and has recently exited the pattern by breaching its lower limit. Although, up to now, we have not observed a massive sell-off that usually follows a bearish breakout, technical data suggests depreciation is looming.
© Dukascopy Bank SA
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