InvestingScope

SGDHKD: Long term Buy opportunity on the 1W Support.

FX_IDC:SGDHKD   SINGAPORE DOLLAR / HONG KONG DOLLAR
The pair marginally broke the 1W Support but so far only on a candle wick. Since it has rebounded back above that danger level, we can consider that the Support is holding. The 1W chart has turned nearly oversold ( RSI = 27.767, MACD = -0.073, ADX = 36.545) and we treat this as the optimal buy opportunity for the long term.

The long term pattern is as you see a Descending Triangle and besides the 1W Support, the Lower Highs are also clear. The first time the price touched the 5.3350 1W Support in January 2016, it rebounded to the 0.5 Fibonacci level of its last Lower High. The 0.5 level is at the moment at 5.6650 and this is our Target.




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