USDHKD Drop imminent on a 5-year RSI signal

FX_IDC:USDHKD   U.S. Dollar / Hong Kong Dollar
The USDHKD pair naturally has a tight trade but at times gets volatility shocks. A signal that since 2017 has triggered such shocks to the downside has been flashing on the 1D RSI .

As you see during that period, every time the 1D RSI formed Lower Highs while the candle action was either rising or flat, a strong drop occured. We have another 5 such occurrences. The price is right now on the multi-year Resistance level , supported by the 1D MA50 (blue trend-line) and the most likely target is the 1D MA200 ( orange trend-line), which has been untouched since February 2021.

Notice also the nice flow provided by the Sine Waves that have fairly accurately caught major market lows since 2016. Such a low is next projected by this indicator for the last week of November. The timing seems perfect for a sell on the USDHKD pair.


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