The pair is trading near the 7.85000 1M Resistance which has been rejecting every upside break out attempt since April 2018. The RSI on 1D, 1W, 1M is surprisingly stable around 55.000 and last time that pattern formed on 1D a strong selling sequence followed. We are bearish on USDHKD aiming primarily at the 7.81700 1D Support.
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USDHKD looks good on both the 4 and 2 hour charts.
We have had an uptrend with higher lows and higher highs and then we stopped making new higher highs. This range and even double top here shows us the trend may be exhausting.
From here, we need to see a break and close below 7.8360 zone. First target would be 7.8300 zone.
Also want to share some information...
deal or no deal. if hong kong is crushed any trade deal agreed upon will likely be scrapped. inflation is bubbling more and more and the likely for protesting will increase in intensity. if china cracks down expect no deal or a interim deal voided
USDHKD Short/Sell Idea
waiting for a momentum candle close below 7.8325 to sell this one
Reason:
1- Regular Bearish Divergence on MACD (in red)
2- Ascending Triangle (in blue)
3- Resistance/Supply zone from Daily/H4 (in blue)
Three confluences are enough to consider Selling USDHKD, after a break below 7.8325 (in gray)
Priceline of US Dollar / Hong Kong Dollar forex pair has formed a bearish BAT pattern and entered in potential reversal zone.
MACD turned weak bullish from strong bullish.
Stochastic has given bear cross.
I have used Fibonacci sequence to set the targets.
The long position can be taken between 0.382 to 0.786 Fibonacci projection of A to D leg coz we have a strong...
Just want to update on the USDHKD peg idea I spoke about awhile back. A bit controversial I know, but I gave reasons on why this is likely to happen. Hong Kong does not have the US Dollars to maintain the peg. The PLA marching into Honk Kong may be what breaks the peg.
Looking at the chart, you can see where the buyers are stepping in. We are seeing buyers at...
next week we take a peak in hong kong pce inflation. the spike last month is a contributing factor to the situation there. i see the trend of inflation to continue. stimulus measures put in place may actually contribute to the fire. the inflation is due to mainland china devaluation ie import inflation export deflation. the question is, will xi crush hong kong and...
The situation in Hong Kong is not expected to get any better in the coming weeks. This is purely a technical analysis and does not factor in news. Resistance tested thrice with higher lows forming, ascending triangle pattern is prominent here.
The U.S. Dollar vs. the Hong Kong Dollar. This is the most common pair to trade the Hong Kong currency. Many consider HKD to be the gateway of capital into and out of the world’s second largest economy, China, since both are becoming increasingly integrated.
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