While the German and US indices have dropped back from previous highs, the Hang Seng is falling sharply.
A slow move lower continues here, as the price drops back from the highs of late February and nears rising trendline support from the late January low. Should support be broken then the 50-day SMA becomes the next destination to watch for support, along with the 13 February low at 38,037.
A recovery back above 39,000 could signal that a bounce off trendline support has initiated a move back to record highs and potentially beyond.After recording a lower high at the end of February, the index has dropped back below the 100-day SMA. It is now heading towards the 50-day SMA, as well as rising trendline support from the January low. A close below both these lines, coupled with the developing bearish MACD crossover, could mark the beginning of a new leg lower.
This might then target the lows of January at 17,745. A bounce-off trendline support might yet see the price move back towards the late February highs.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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