USD/HKD Breaks Down Through Horizontal Key Level Support At 7.7632
AutoChartist | May 28, 2012 05:25AM ET
USD/HKD has recently broken down through the horizontal Key Level support level 7.7632 on the 4-hour charts. The significance of this support level is measured at the 5 bar level which reflects the fact that the price has previously reversed 5 times from this Key Level. The price had earlier reversed down sharply from the major resistance level 7.7700 – creating the powerful weekly Japanese Candlestick reversal pattern – Evening Doji Star (with the Doji (middle) candlestick piercing the upper weekly Bollinger Band – thereby increasing the bearish outlook for this currency pair, as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 7.7579 in the nearest time.
The following weekly USD/HKD chart shows the aforementioned technical price levels:
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