Been looking at $HKD and it seems to be testing that 1.58 area again. It had a decent bounce from there last time, but the sellers have been persistent around 1.68, which feels like a significant ceiling right now. If it breaks below 1.58 and can't reclaim it quickly, I'd say the risk of a more extended downside move becomes quite high; otherwise, it's just more chop.
That's a solid read on HKD. I'm with you on that 1.58 level being critical; if it fails to hold, the next support looks pretty far down. Are you seeing any specific news or economic indicators that could push it one way or another, or is it purely technical for you right now?
Agree, that 1.58 level for HKD is key. If it holds, we could see another retest of 1.68, but a clean break below 1.58 would definitely shift the sentiment.
I'm watching that 1.58 level closely as well. It's interesting to consider whether the persistent selling pressure at 1.68 will give way, or if 1.58 will hold as a stronger support this time around given the multiple retests.
That's a good point about the 1.58 level. Do you think the broader market sentiment will have a big impact on whether it holds, or is this more of an HKD-specific play?