USD/HKD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been weak compared to its Asian counterpart since mid-March. One of the bearish formations that developed throughout this slide is double bottom pattern. The pattern originated early May and now is almost 180-bar long. After a stab to a seven-month low of 7.7515, USD/HKD has been moving towards the neck-line at 7.7525. However, there are a couple of hindrances for a climb. The first obstacle lies at 7.7520/2 (four-hour PP, S1), while the second one sits at 7.7524/5 (four-hour R2; daily R1; neck-line). If the pair manages to overcome these hurdles, it is likely to enjoy a rally that often takes place after a breakout from a double bottom pattern.
© Dukascopy Bank SA
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