7640853 7/12/2017 5:15 PM, USD/HKD intraday: the RSI is overbought


7.8100 is our pivot point.


Our preference

: our next up target stands at 7.8166.


Alternative scenario

: below 7.8100, expect 7.8076 and 7.8061.


Comment

: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 7.8115 and 7.8118).


Supports and resistances

:

7.8195 **

7.8181 *

7.8166 **

7.8152

7.8122 last

7.8110

7.8100 **

7.8076 *

7.8061 **