EUR/HKD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pattern marks the start of a bearish trend after a 10th of July to 20th of August rally. Pattern's quality is just slightly above the average due to the rather volatile nature of the pair. However, at the same time this offers substantial opportunities to trade on momentum and/or volatility. Medium term technicals indicate that the pair has propensity to peak outside and breach pattern's resistance. Long term technicals, however, point at further depreciation of the pair. In our opinion it should be perceived a a bearish correction of the mentioned July to August rally. Fibonacci retracements of this rally are hardly applicable in the current analysis.
© Dukascopy Bank SA
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