Forex: Evolution USD HDK
The couple USDHDK (U.S. Dollar – Hong Kong dollar) has behind him a story of great fluctuation that began in January 2003. Today this situation continues, but it was emphasized especially since July last year.
The last two graphs show two major resistances placed in the order of 7.7802 and 7.8059 and a base in 7.7693.
For the medium term, there is resistance in the value 7.7741, which determines a line of Fibonacci retracement of 51%, and 7.7723 support in place through which a drop of 61.8. Thus far prevails buy signal pair and the RSI is in an intermediate zone as it marks 55. The upward trend started in the last session of last week (one hour chart) shows no signs of weakening.
The short term expectation is that the couple can take values close to 7.7741 from which would fall to the 7.7732 resistance first.