USDHKD trade ideas
USD/HKD 1H Chart: Channel UpThe US Dollar has appreciated substantially against the Hong Kong Dollar since early 2017, currently standing near the 7.8240 mark. Recently, the given pair has formed a minor channel up that is guiding the Greenback towards 7.8286—the highest level since mid-2007. This suggests that the rate should be due for a long-term fall. In short-term, however, technical indicators flash mixed signals. On one hand, the US Dollar has lost strength of its momentum north, as apparent from the failure to reach the upper channel boundary in its last wave up. Thus, the previously-described fall may come even before the aforementioned high. On the other hand, there may still be some upside potential that could lead the Greenback up to the 7.8275/90 area. By and large, the pair is being supported by the 55-hour SMA since the formation of the channel up. A breach of this line could provide the necessary confirmation of the rate’s further depreciation.
USD/HKD 4H Chart: Channel UpThe American Dollar is trading against the Hong Kong Dollar in a short-term ascending channel. The surge represents a rebound of the currency exchange rate from the bottom trend-line of a preceding horizontal channel up. In the early Tuesday morning the pair has made an unsuccessful attempt to break through the weekly R1 at 7.8119. If by the middle of the day the channel will sustain, then the pair would make another attempt to break though the above resistance level. If it succeeds, the further surge to the combined resistance set up by the weekly R1 and the monthly R2 near 7.8153 is expected. If it fails, there will be no notable support levels until the weekly PP at 7.8048.
Expecting big move downEven if there is a big correction coming or impulse to the downside the idea is to sell this pair.
2 elliot waves, within a wave, waving...hmm... :)2 elliot waves, within a wave, within another wave, both pointing down ultimately, lets see if it works..
p.s. I just started learning EW, so bear with me...
USD/HKD - Bullish CypherYes we have a valid bullish cypher, this time we are looking at USD/HKD on a 4h chart with a simple buying opportunity.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
REMEMBER: Trade at your own risk, exotic currency pairs can be extremely volatile.
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Triple Bottom on USDHKDHello traders,
I am always on the lookout for ranging markets.
If we have triple bottoms formation then thats
a good way to go long.
The risk on buying that support is next to nothing.
If that never happens then you could buy on the breakout of resistance straight away
and set your target on the next resistance.
Trade safe, trade well
USDHKDThis operation is shown only to those who possess an account denominated in US dollars.
The currency is still pegged (7.75 per US dollar) in a very narrow band of fluctuation, the maximum may fluctuate 1.27%. But if the Hong Kong Government will reassess the HKD the gains could easily be 15% or more. The best way to invest in this scenario is buying a bond of the Hong Kong Monetary Authority, or an equity on the Hang Seng Index. So you can save the cost of "overnight".
