USDHKD Forecast / Forex Technical Analysis

USHKD Forecast – 29-July-2024

FxNews—The American dollar bounced robustly from its July 25 low, which aligns with its July 16 low at approximately 7.80, against the Hong Kong Dollar. The USD/HKD trades at about 7.810, heading toward its July 19 high of 7.811.

The USD/HKD 4-hour chart below demonstrates the currency pair’s price, the key support and resistance levels, and the technical indicators utilized in today’s analysis.

USDHKD Technical Analysis – 29-July-2024

The price of the American dollar is above the 50 and 100-period simple moving average, meaning the primary trend is bullish. The other key technical indicators suggest the uptrend should resume, and it could target upper resistance levels.

USDHKD Technical Analysis – 29-July-2024

The awesome oscillator bars have just flipped above the signal line, signifying the bull market strengths.
The relative strength index indicator value is 63, approaching the overbought territory, meaning the U.S. Dollar is not saturated from buying pressure, and the bullish momentum can resume.
The stochastic oscillator’s %K line value is 76, nearing the 80 level, which aligns with the RSI, which means the market is not overbought.

USDHKD Forecast – 29-July-2024

The July 19 high at 7.811 is the key resistance. The uptrend resumes if the bulls (buyers) close and stabilize the price above the 7.811 mark. If this scenario unfolds, the next bullish target will likely be the July 8 high at 7.813.

Furthermore, if the buying pressure exceeds 7.813, the bulls’ path to July’s all-time high at 7.814 could be paved.

That said, traders and investors should consider the bull market invalidated if the USD/HKD price dips below the 100-period simple moving average at 7.805.

USDHKD Forecast – 29-July-2024

The 100-period simple moving average at 7.807 is the pivotal point between the bull and bear markets. If the bears (sellers) close the price below the 100-period SMA in the 4-hour chart, the next bearish target could be the 7.805, followed by the July 25 low, the 7.803 mark.

Also read: USDSGD Forecast – 25-July-2024

USDHKD Key Levels – 29-July-2024

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

Support: 7.807 / 7.805 / 7.803
Resistance: 7.811 / 7.813 / 7.814

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.