Daily Forex Update: USD/HKD
AutoChartist | Aug 07, 2012 05:51AM ET
Autochartist has recently identified the horizontal Key Resistance Level 7.7559 (of the type Approach) on the 4-hour USD/HKD charts. The Significance of this Key Level is measured at the 5 bar level as a result of the 5 recent price reversals from this resistance. As can be seen from the following Key Level chart, the price had also previously reversed up numerous times from the major support level at 7.7530. USD/HKD is expected to continue upward movement toward this Key Resistance 7.7559 – as is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, the upper border of the daily Expected Price Range for USD/HKD for tomorrow (7.7580) far exceeds the above Key Resistance Level 7.7559 – which increases the probability that this currency pair will soon approach this Key Level.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.