USD/HKD 4H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Right now, the USD/HKD currency pair is trading on the level of weekly pivot point at 7.7579. This level has been neither supporting nor capping the pair for last couple of trading days. Therefore, pair's further movements will depend on its ability to cross the next support or resistance level, represented by 55 or 100-period SMAs, respectively. The pair is still trading in boundaries of the double bottom pattern, meaning that short-term move is rather unpredictable. Technical indicators, however, point to the upside, while they are supported by weekly studies as well. Both forecasts of short and long-term technical indicators are shared by vast majority of market participants (73%).
© Dukascopy Bank SA
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