USD/HKD may fall to 7.7794 - 7.7873

Our pivot point stands at 7.8176.

Our preference

The downside prevails as long as 7.8176 is resistance.

Alternative scenario

The upside breakout of 7.8176, would call for 7.8309 and 7.8388.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.8092 and 7.8136). Finally, the USD/HKD is trading below its lower Bollinger band (standing at 7.8040).

Supports and resistances

7.8388 **

7.8309 *

7.8176 **

7.8123

7.8034 last

7.7873

7.7794 **

7.7714 *

7.7635 **

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