USD/HKD Currency Pair Forecast
USD/HKD currency pair price down 0.0056% on Friday
(Updated on Jun 28, 2024)
The USD/HKD currency pair price fell by -0.0056% on the last day (Friday, 28th Jun 2024) from HK$7.81 to HK$7.81. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 0.0411% from a day low at HK$7.81 to a day high of HK$7.81. The price has fallen in 7 of the last 10 days and is down by -0.04% for this period. Volume has increased on the last day by 3 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 15 thousand shares were bought and sold for approximately HK$117.69 thousand.
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at HK$7.81 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect USD/HKD currency pair with a 90% probability to be traded between HK$7.76 and HK$7.78 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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USDHKD Signals & Forecast
There are few to no technical positive signals at the moment. The USD/HKD currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at HK$7.81. On a fall, the currency pair will find some support from the short-term average at HK$7.81. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Sunday, June 02, 2024, and so far it has fallen -0.140%. 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). USD/HKD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for USD/HKD currency pair
USD/HKD finds support from accumulated volume at HK$7.81 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved HK$0.0032 between high and low, or 0.0411%. For the last week the currency pair has had daily average volatility of 0.0414%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (USDHKD) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect USD/HKD to open at HK$7.81, and during the day (based on 14 day Average True Range), to move between HK$7.80 and HK$7.81, which gives a possible trading interval of +/-HK$0.0052 (+/-0.07%) up or down from last closing price. If USD/HKD takes out the full calculated possible swing range there will be an estimated 0.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$7.81 (0.04%) than the resistance at HK$7.82 (0.13%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is USD/HKD currency pair A Buy?
USD/HKD holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.
Current score: -4.692 Sell Candidate Unchanged
Predicted Opening Price for USD/HKD of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| HK$7.81 ( 0.0060%) | HK$7.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USDHKD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.81 | 0.0351% |
| R2 | 7.81 | 0.0194% |
| R1 | 7.81 | 0.0097% |
| Price | 7.81 | |
| S1 | 7.81 | -0.0217% |
| S2 | 7.81 | -0.0314% |
| S3 | 7.80 | -0.0471% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.83 | 0.299% |
| R2 | 7.83 | 0.253% |
| R1 | 7.82 | 0.130% |
| Price | 7.81 | |
| S1 | 7.81 | -0.0415% |
| S2 | 7.80 | -0.0465% |
| S3 | 7.80 | -0.0849% |
FAQ
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