CADHKD reached the bottom of a range in 2016 and since has made 2 higher highs and 2 higher lows
Price action in January 2019 reacted bullish to an original Demand Zone created in March 2017
Will add to position at pullbacks and take profit at Supply Zone
See callout bubbles. The CAD trakcs with Oil closely while the HKD tracks very closely with the USD and the USD is currently seeing a lot of weakness and possibly looking at more for 2018. There is a pretty strong higher time-frame uptrend intact, so let's look to join that trend within the green-highlighted area until we get to bigger sellers above.
GBP/HKD 4H Chart: Channel Up
The British Pound is advancing against the Hong Kong Dollar in a supposed medium-term ascending channel. Formation of the presumed pattern began in the end of July, which means that by now it consists of two reaction highs and one reaction low.
However, a number of indicators suggest that the second reaction low might appear in the...
CAD/HKD 1H Chart: Channel Up
The Canadian Dollar is trading against the Hong Kong Dollar in a two week long ascending channel that started to form after the currency rate left a preceding ascending channel.
This pattern is not usual, as it consists of many reaction highs and only one reaction low.
The reason behind such distinctiveness is attributed to a...
CAD/HKD is trading in two patterns simultaneously, i.e., a falling wedge and a channel down. The given combination demonstrates that the Canadian Dollar has failed to reach the lower channel boundary since August 9, suggesting that the current bearish sentiment might change in the nearest time, especially with strengthening trend indicators.
The last wave south...
CAD/HKD 4H Chart: Channel Up
The Canadian Dollar is trading against its Asian counterpart simultaneously in a medium-term rising wedge and short-term ascending channel.
As regards the dominant formation, its lower support line practically coincides with the 55-hour SMA, while the other line represents an upper boundary of the junior pattern.
As regards the...
Checked the 4 hour chart and I see potential uptrend.
Retested two points of support, first one shows 0.618 and the second one shows both 0.618/0.50 which can conclude that it will in the future retrace to those levels due to confirmation from previous support levels shown in this analysis.
Looking to take profit at the 1.618 on the fib extension.