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Currency Analyst since 2010

USD/HKD: next buy target

Dima Chernovolov

  • USD/HKD breaks resistance level7.7550
  • Next buy target - 7.7590

USD/HKD has been rising sharply in the last few trading sessions – inside the 3rd minor impulse wave 3, which belongs to the 3rd intermediate impulse (3), which started in January - when the pair reversed up from the strong support level 7.7510 (which has been reversing this currency pair from December of 2013, as you can see from the daily USD/HKD chart below). The latest upward impulse 3 earlier broke up above the resistance level7.7550 (which created the top of the previous minor impulse 1).

With the daily RSI and Stochastic indicators still moving outside of the overbought areas, USD/HKD can be expected to continue the upward movement in the direction of the next buy target 7.7590 (intersecting with the weekly resistance trendline from September of 2014).

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