This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 24.47% from the day before — and down 38.72% from the same day the week before.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
The closest is the 50 day average, which is 33.4 pips away.
For additional context, note that price has gone up 15 out of the past 30 days.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Or to simplify this another way, note that out of the past 30 days usd/hkd’s price has gone up 15 them.
Out of the 40 instruments in the forex asset class, usd/hkd ended up ranking 22nd for the day in terms of day-over-day price change.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 1.96% from the day prior, but up 125.17% from the same day the week before.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
Volatility for usd/hkd has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.