USD/HKD may fall to 7.7502 - 7.7625

Our pivot point stands at 7.8091.

Our preference

The downside prevails as long as 7.8091 is resistance.

Alternative scenario

The upside breakout of 7.8091, would call for 7.8298 and 7.8421.

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 is trading under both its 20 and 50 period moving average (respectively at 7.8052 and 7.8076).

Supports and resistances

7.8421 **

7.8298 *

7.8091 **

7.8009

7.7904 last

7.7625

7.7502 **

7.7379 *

7.7256 **

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