Hong Kong Dollar (HK$) ⇨ US Dollar ($) (HKDUSD) Highlights + Technical Analysis
Highlights on Hong Kong
- Beijing’s point man on Hong Kong affairs, Zhang Dejiang, appears to be signalling a harder line on how the city should be governed
- Agency cites the impact of China’s worsening debt outlook, but Chinese yuan rebounds in Shanghai, despite also having its rating cut
- Inflation: 2.60%
Overall, the bias in prices is: Sideways.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
By the way, prices are vulnerable to a correction towards 7.78.
The projected upper bound is: 7.80.
The projected lower bound is: 7.79.
The projected closing price is: 7.79.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 37 white candles and 12 black candles for a net of 25 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 85.0609. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 6 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 67.53. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 11 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 114.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX HKD= closed down -0.000 at 7.793. Volume was 24% below average (neutral) and Bollinger Bands were 62% wider than normal.
Open High Low Close Volume
7.794 7.794 7.792 7.793 5,533
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7.79 7.78 7.76
Volatility: 1 0 0
Volume: 8,532 7,465 7,162
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX HKD= is currently 0.4% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into HKD= (mildly bullish). Our trend forecasting oscillators are currently bullish on HKD= and have had this outlook for the last 83 periods.
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