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USDHKD Forecast – October-16-2023

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Fxnews – In the world of forex trading, the USDHKD pair has been a subject of interest for many traders. Our detailed USDHKD analysis reveals some intriguing patterns and key levels that could potentially influence future market movements.

USDHKD Forecast - October-16-2023

USDHKD Analysis – Daily Chart by TradingView

The USDHKD pair is currently on a downward trajectory, with the price nearing the 7.815 support area. Despite several attempts, the pair has been unable to surpass the high of 7.835 recorded on October 3. This resistance level has proven to be a significant barrier for the pair, as evidenced by the multiple bounces off this level seen in the USDHKD daily chart.

Adding to the bearish outlook is the Relative Strength Index (RSI) indicator, which is currently hovering below the 50 line. This suggests that there is more room for the price to decline, possibly extending to the aforementioned support level.

USDHKD Analysis

USDHKD Analysis – 4H Chart

This bearish bias is not only evident in the daily chart but also in the 4-hour (4H) chart of USDHKD. At present, the pair is trading below the Ichimoku cloud, indicating a bearish market sentiment. The immediate target for the bears appears to be the 7.816 support level.

However, it’s worth noting that if this level is breached, it could pave the way for further declines. In such a scenario, the next support level to watch would be 7.808.

USDHKD Analysis: Key Levels

  • Resistance: 7.833
  • Pivot: 7.824
  • Supports: 7.816 – 7.808

These levels could serve as potential turning points for the pair and should be closely monitored by traders. As always, it’s crucial to consider these levels in conjunction with other technical indicators and market news to make informed trading decisions.

  • 16 October 2023
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