4H Channel Up. Long.EURHKD is on a 4H Channel Up (RSI = 59.981, Highs/Lows = 0.0108, B/BP = 0.0243) but was yesterday rejected off a possible Double Top event, so bullish break-out confirmation is needed. Adding buy position with TP 9.23060.
EURHKD
A Bullish EUR may hint for a Long position through the weekHey,
Strong EUR has caught our attention , the Euro vs Hong Kong Dollar is trading @ 9.23867 that is above previous daily close if you bare in mind the strong up Trend (view chart above) as well as the fact that we got 4 consequent up bars the following summery should be considered
summery: According to our trend following strategy we may invite for a Long market through the week ahead..
Note: stay away form Short trades on the Euro vs Hong Kong Dollar through the week ahead!
EURHKD Long|Possible H&S FormingI am looking at a possible inverse H&S forming on the EURHKD daily chart. In the chart I have outlined what I anticipate to happen in the coming days and also my preferred buy point.
Not a recommendation. Just thinking aloud.
EUR/HKD - 1000 Pips+ Long OpportunityJust as with EUR/USD, the pair doesn't want to fall. We can see on the weekly chart a continuation pattern unfolding same as the one on the 8 hour timeframe.
If it keeps this level and support, then an upward move is inevitable as the long term trend with Euro from we can see on the Weekly chart and Monthly is long.
I would suggest to wait for more confirmation, and once there is enough data to expect the move, enter with the right risks.
Happy trading!
EUR/HKD 1H Chart: Bypasses 100-hour SMA EUR/HKD 1H Chart: Bypasses 100-hour SMA
The common European currency is losing value against the Hong Kong Dollar in a minor descending channel. However, a combined pressure of the 55-, 100- and 200-hour SMAs most probably will lead to dissolution of this pattern already by the end of the day. Once this happens, the pair is expected to enter into a barrier-free zone, which will last up until combined resistance set up by the monthly R1 at 9.2282 and the upper-trend line of a medium-term descending channel. However, there is also an alternative scenario, according to which the exchange rate will remain in the current junior channel due to additional resistance put by the 55-day SMA near the 9.2000 mark. In that case, the rate might postpone the breakout until tomorrow’s release of various EU manufacturing data.
EUR/HKD 1H Chart: Descending TriangleEUR/HKD 1H Chart: Descending Triangle
The common European currency is trading against the Hong Kong Dollar in a descending triangle pattern . An existence of the figure became evident shortly after the currency pair failed to slip below the 9.1466 level multiple times.
In the early Monday morning the currency rate made a second rebound from the triangle’s resistance line and started to pave the way through a combination of the 55-, 100- and 200-hour SMAs as well as the updated weekly PP at 9.1962.
From the trade pattern theory, the pair should successfully reach the bottom trend-line and continue to fluctuate within the formation until the end of the week. From a technical perspective this scenario seems rational, provided that fundamental events will not cause an unexpected jump of the rate.
EURHKD decision pointEURHKD is at the trendline and fibonacci weekly coincidence. Will it break them to reach the top of the channel at 9 area?
HKDEUR descending triangleA nice descending triangle with 7 touch points. My backtesting has shown me that often the oscillations get closer as the triangle gets closer to its apex, and we see here that this behaviour is very strong.
The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market will start in a downtrend and move towards the support line.
If there is another move towards the support line I expect a break and will go short. (I am currently testing profit-taking at previous structural forms.)
