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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/HKD: next sell target - 7.7510

Dima Chernovolov

• USD/HKD reached sell target 7.7550

• Next sell target - 7.7510

USD/HKD has been falling sharply in the last few trading sessions – in line with our previous forecast for this currency pair. The price today broke the support level 7.7550, which was set in our earlier report as the sell target for this instrument. The breakout of this support level should accelerate the active minor corrective wave 2 (which belongs to the 3rd intermediate impulse wave (3) from the middle of January).

USD/HKD is likely to fall further toward the next sell target at the strong support level 7.7510 (this support level has been reversing this pair from December, as you can see from the daily USD/HKD chart below). This support level is also the forecast price for the completion of the active minor correction 2.

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