Out of the 40 instruments in the forex asset class, usd/hkd ended up ranking 27th for the day in terms of day-over-day price change.
This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 16.7% from the day before — and down 23.35% from the same day the week before.
The closest is the 20 day average, which is 12.8 pips away.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
This imputes a buy/sell ratio of 0.84, which is neutral.
As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern.
The closest is the 20 day average, which is 3.2 pips away.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 6.57% from the day prior, but up 30.74% from the same day the week before.