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CAD/HKD ready to rebound from 200-hour MAGBP/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 nearest future. - On the one hand, the rate is moving in a junior descending channel and faces pressure from the monthly R1 and the weekly PP. - But on the other hand, the pair is approaching the 200-hour SMA, which is moving precisely along the lower line of the senior formation. If the above assumption is true, these two indicators should create a support strong enough to force the rate to make a rebound.
by UnknownUnicorn890690
CAD/HKD 1H Chart: Channel UpCAD/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 strength exercised by the 55- and 100-hour SMAs or a combination of them both. To put differently, five day in a row these technical indicators do not let the pair to slip to the bottom. This means the exchange rate is going to soar at least until the weekly R1 at 6.2592, which might force the pair make a rebound. However, as long as the above SMAs are moving together, it is doubtful that the pair will manage to cross them.
by UnknownUnicorn890690
CAD/HKD 1H Chart: Falling WedgeCAD/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 was halted when the pair hit a combined support of the weekly S1 and the 23.6% Fibonacci retracement. The Canadian Dollar is currently trying to push past the 100-hour SMA located circa 6.1470. The 200-hour SMA is likewise located in a near distance. In the short-term, the rate may still trade in a relatively flat motion, but eventually accelerate and push up to the monthly PP at 6.1808, at least.
Long
by UnknownUnicorn890690
CAD/HKD 4H Chart: Channel UpCAD/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 latter, beginning of this week showed the pair is moving rather in a rising wedge than in the channel and this figure is about to be broken. However, since the support line of the junior wedge is backed up by the 20-hour SMA, the rate is expected to make a rebound. Nevertheless, the surge above the weekly R1 at 6.2639 seems unlikely. In other words, this barrier is expected to be a point, from which the pair would receive an impulse strong enough to leave the junior formation.
by UnknownUnicorn890690