USD/HKD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp decline performed by the U.S. Dollar against its Hong Kong peer started in mid-March when the currency couple reached a one-month high of 7.7676. This peak also was a starting point of the 335-bar long descending triangle pattern that sent the pair to a one-month low of 7.7561.
At the moment, the instrument is trading within the area bounded by the triangle trend-lines and is not likely to exit the pattern in the hours to come given that the apex will be reached only in a week. At the same time, technical indicators are neutral for short and medium terms and point to a weakness in the long-term.
© Dukascopy Bank SA
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