AUD/HKD Currency Pair Forecast

AUD/HKD currency pair downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on Jun 03, 2024)

AUDHKD Signals & Forecast

There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.129%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The AUD/HKD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at HK$5.19 and HK$5.15. A breakdown below any of these levels will issue sell signals. The currency pair had a Golden Star Signal on Tuesday, April 02, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, February 20, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for AUD/HKD currency pair

AUD/HKD finds support from accumulated volume at HK$5.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved HK$0.0121 between high and low, or 0.231%. For the last week the currency pair has had daily average volatility of 0.483%

Our recommended stop-loss: HK$5.03 (-3.55%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 25 days ago.)

Trading Expectations (AUDHKD) For The Upcoming Trading Day Of Tuesday 4th

For the upcoming trading day on Tuesday, 4th we expect AUD/HKD to open at HK$5.22, and during the day (based on 14 day Average True Range), to move between HK$5.19 and HK$5.25, which gives a possible trading interval of +/-HK$0.0295 (+/-0.56%) up or down from last closing price. If AUD/HKD takes out the full calculated possible swing range there will be an estimated 1.13% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$5.23 (0.13%) than the support at HK$5.18 (0.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is AUD/HKD currency pair A Buy?

AUD/HKD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.198 Hold/Accumulate Downgraded

Predicted Opening Price for AUD/HKD of Tuesday, June 4, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.