USD/HKD has been moving up within the Clear 4-hour Ascending Triangle chart pattern identified by Autochartist.
The overall Quality of this Ascending Triangle is rated at the 5 bar level which reflects the slow Initial Trend (3 bars), slightly higher Uniformity (4 bars) and strong Clarity (7 bars). Point C on the chart below was formed when USD/HKD corrected up from the major support level 7.7530, which has reversed the pair up multiple times from the beginning of 2012. The first upward impulse of this chart pattern (from C to B) broke the descending resistance trendline from the middle of 2012.
USD/HKD has previously reversed up (at E) from the 50% Fibonacci Correction of the C to B upward price impulse and is expected to advance further.
The following daily USD/HKD chart demonstrates the aforementioned technical price levels:
