USD/HKD has recently completed the high Clarity Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level, as a result of the low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and near maximum Clarity (9 bars). This chart pattern continues the preceding sharp upward price impulse from the major long-term level of support at 7.7550 (which had served as a powerful support for USD/HKD for the last few years, as is shown on the second chart below). Both of the connecting points of the lower support trendline of this Triangle (points C and D on the chart below) formed when the pair reversed up from the aforementioned support level 7.7550. USD/HKD is expected to rise further toward the Forecast Price 7.7615.
The following weekly USD/HKD chart shows the previous price action close to the strong support at 7.7550:
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Daily Forex Update: USD/HKD, May 7, 2012
Published 05/07/2012, 03:09 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/HKD, May 7, 2012
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