USD/HKD may fall 42 - 58 pips

Our pivot point stands at 7.7998.

Our preference

The downside prevails as long as 7.7998 is resistance.

Alternative scenario

The upside breakout of 7.7998, would call for 7.8026 and 7.8042.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.7980 and 7.7976). Finally, the USD/HKD is trading below its lower Bollinger band (standing at 7.7962).

Supports and resistances

7.8042 **

7.8026 *

7.7998 **

7.7987

7.7961 last

7.7919

7.7903 **

7.7886 *

7.7869 **

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