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Forex: USD/HKD reaches 5-week high

By FXstreet.com,  November 29, 2010, 10:33:00 PM EDT

FXstreet.com (Barcelona) - USD/HKD is trading around 7.7640 in a muted Asian session, with liquidity getting poorer as days pass by. On Monday, the pair rose to October high at 7.7659 holding a quite bullish tone in the daily chart.

According to Valeria Bednarik, Chief Analyst at FXstreet.com : "The pair looks exhausted according to 4 hours one; 20 SMA guides the rally, with an almost vertical slope, now strong support around 7.7614".

Shed added: "Break above 7.7659 high, should support further gains in the cross, with next resistances at 7.7680 and 7.7710 price zone. Supports, below 7.7614, are located 7.7585 and 7.7550".




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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