The Hong Kong Dollar (HKD) depreciated for an eighth consecutive day against the US dollar (USD) today as traders continued to sell the local currency on account of massive pro-democracy demonstrations in Hong Kong. Through early North American trading, the pair reached an intraday high of HK$ 7.7662, its highest level since 18 March 2014.
The Hong Kong Dollar is pegged to the US dollar at a peg between 7.75 - 7.85.
As we can see in this Daily chart below, USD/HKD has traded around the 7.75 handle for most of the past couple months, meaning the pair has much more official room to move higher.
In this Weekly chart below, we can see USD/HKD took out some key levels today including 7.7600, 7.7631, and some major trendlines.
In this Monthly chart below, we can see there is quite a lot of open upside higher to the 7.85 top level of the peg if headline risk continues.
Trade Market Options
www.trademarketoptions.com
No comments:
Post a Comment