USDHKD is at its weekly administrative resistance level

FX:USDHKD   U.S. Dollar / Hong Kong Dollar
Hong Kong has adopted a fixed exchange rate regime with the US dollar since 1983, with a rate of 1 USD to 7.80 HKD (between 7.75 and 7.85 HKD per 1 USD since 2005). As a result, the only operational target of the monetary authority (HKMA) is the Hong Kong dollar exchange rate against the US dollar.

Looking at the USDHKD in the W chart, I have noticed that it is being traded on FTMO and MFF. As of today, 28.02.23, it is at its weekly administrative resistance level. This looks like a short opportunity.

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