USD/HKD may rise to 7.8415 - 7.8524

7.8012 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 7.8012 would call for 7.7830 and 7.7721.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (7.8105) but below its 50 period moving average (7.8207).

Supports and resistances

7.8741 **

7.8632 *

7.8524 **

7.8415

7.8160 last

7.8084

7.8012 **

7.7830 *

7.7721 **

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