CAD/HKD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is in a falling wedge pattern against the Hong Kong Dollar, as the currency exchange rate is approaching the patterns upper trend line around the level of 5.9600, which is also strengthened by the 200-period SMA at 5.9646. However, on a larger scale the pair is struggling with the downward trend pattern's resistance line at 5.9400, and the exchange rate has bounced off three times off the line. Although, to be reversed against the downward trend line, the currency exchange rate has to fall below the weekly pivot point at 5.9261. Due to that it is most likely that the pair will surge in the next four hours, and afterwards the Kiwi will depreciate against the Hong Kong Dollar. In addition, such a hypothesis is supported by the aggregate technical indicators.
© Dukascopy Bank SA
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