Daily Forex Update: USD/HKD
AutoChartist | Aug 21, 2012 08:24AM ET
USD/HKD continues to rise inside the Clear Ascending Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this cart pattern at the 5 bar level as a result of the low Initial Trend (3 bars), below average Uniformity (4 bars) and significant Clarity (7 bars). The bottom of this chart pattern (point C on the chart below) formed when the USD/HKD reversed up from the strong support level 7.7530, which has been revising the pair up from the start this year. The C to B upward impulse of this Ascending Triangle had previously broken up through the descending resistance trendline from the May of 2012. The pair has recently reversed up (at point E) from the 50% Fibonacci Retracement of the aforementioned C to B upward price impulse and is expected to rise further.
The daily USD/HKD chart below shows the technical price levels mentioned above:
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.