USD/HKD may rise 34 - 49 pips

7.8030 is our pivot point.

Our preference

As long as 7.8030 is support look for 7.8103.

Alternative scenario

The downside breakout of 7.8030 would call for 7.8004 and 7.7989.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.8049 and 7.8043).

Supports and resistances

7.8134 **

7.8118 *

7.8103 **

7.8088

7.8054 last

7.8040

7.8030 **

7.8004 *

7.7989 **

Number of asterisks represents the strength of support and resistance levels.