HongKongLand USD – Daily timeframe (Update from 28 Nov 16)
Current Sentiment: Bearish
Support 1: 5.98 Resistance 1: 6.40
Support 2: 5.91 Resistance 2: 6.59
Price consolidated further after the last update but the confluence of 6.40 resistance area and 20 day moving average successfully kept a lid on price.
Moreover, there was a strong Bearish Outside Bar rejection off the downtrend line on 01/12/16 indicates the selling pressure is still present.
Expect the prevailing downtrend to take over next for price to test the 5.98 support area followed by 5.91.
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