USD/HKD continues to fall after the recent completion of the high Quality Up Channel chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 8 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), above-average Uniformity (6 bars) and high Clarity (9 bars).
This chart pattern continues the medium-term downtrend from the August of last year. The high Initial Trend reflects the strength of the preceding sharp downward price impulse from the December of 2011.
The top of this chart pattern (point B on the chart below) formed when the pair reversed down from the horizontal resistance at 7.7700 and the Fibonacci Cluster made out of the 50% Fibonacci Retracement of the aforementioned preceding sharp downward price impulse from the December of 2011 and the 38,2% Fibonacci Correction of the earlier downward price thrust form the November of 2011 (as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 7.7611.
The daily USD/HKD chart below demonstrates the technical price levels mentioned above:
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USD/HKD Daily Forex Update: March 28, 2012
Published 03/28/2012, 07:39 AM
Updated 03/09/2019, 08:30 AM
USD/HKD Daily Forex Update: March 28, 2012
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