I am dedicating this analysis to my fellow Singaporeans and my friends from Hong Kong.
I have updated the chart of SGDHKD chart for your reference whether you are a traveller or having a business in hong kong or a fellow trader and investor trading in Hang Seng Indices, stocks and currencies.
In the chart, a fan is observed with an array of chart formations, ranging from falling wedge to symmetric triangle to ascending triangle and a potential rounding bottom chart formation, further weakness is seen in the Hong Kong Dollar having the pegged relationship with US dollar.
Tourism Industry in Hong Kong is set to boost in the year 2019 having a weaker Hong Kong Dollar and residents of Hong Kong are going to feel inflationary pressure due to a weaker Hong Kong dollar importing and Consumer Price Index (CPI) is forecast to increase dramatically.
With reference to the chart attached for SGDHKD currency pair, 6.25 is a resistance which is hard to break easily. There is an opportunity for swing trade setup to 6.25 target.
SGDHKD 10 Year Monthly Chart
SGDHKD 10 Year Monthly Chart W Technical Analysis
Disclaimer: All news, information and charts shared is purely by my research and personal views only. This is not a trading recommendation or advice but on the basis of sharing information and educating the investment community. Different traders and investors adopt different trading strategies and risk management approach hence if in doubt please approach or seek clarifications with your Financial Adviser, Broker and Banker.
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