USD/HKD may fall 52 - 69 pips

Our pivot point is at 7.7761.

Our preference

As long as 7.7761 is resistance look for 7.7668.

Alternative scenario

The upside breakout of 7.7761, would call for 7.7790 and 7.7807.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above its 20 period moving average (7.7733) but under its 50 period moving average (7.7737).

Supports and resistances

7.7807 **

7.7790 *

7.7761 **

7.7750

7.7737 last

7.7685

7.7668 **

7.7651 *

7.7634 **

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