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CAD/HKD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The Canadian Dollar is trading against the Hong Kong Dollar in the mid-term descending channel, which has formed after the currency pair made the way though the bottom line of the preceding ascending channel. This trading week showed that fluctuations of the rate are becoming more narrow, which means that in the near future a falling wedge may be formed. The pair is currently trying to bounce off from the upper trend-line. However, it is likely that it will not manage to reach the bottom edge of the channel, as it will have to break firstly through the wedge line and then the two support lines, located at the 5.6281 and 5.6068 levels, accordingly.

  Level  Rationale     Indicator 30M 1H 4H
R4 5.6938 Upper Bollinger Band     MACD (12; 26; 9) Sell Sell Buy
R3 5.6707 20-day SMA     RSI (14) Buy Neutral Neutral
R2 5.666 Upper trend-line     Stochastic (5; 3; 3) Sell Neutral Neutral
R1 5.6545 Weekly S1     ADX (14) Neutral Neutral Buy
S1 5.628 Monthly S1     CCI (14) Buy Buy Neutral
S2 5.6068 Weekly S2     AROON (14) Buy Buy Buy
S3 5.5967 Bottom trend-line     Alligator (13; 8; 5) Sell Sell Buy
S4 5.5539 Monthly S2     SAR (0.02; 0.2) Sell Buy Buy
          Aggregate → → →
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