USDHKD Down 1 Pips Over Past Hour, Makes Big Move Relative to Past Month; Entered Today Down For 19th Straight Day

Hourly Update

(Last Updated September 10, 2020 16:13 GMT)

At the time of this writing, USDHKD’s rate is down -1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDHKD is down 2 pips (0%) since the day prior (opening today near 7.75026), marking 19th straight day it is flat. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. Below is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

The first thing we should note is that USDHKD is now close to its 20, 50, 100 and 200 day averages, located at 7.7499, 7.7504, 7.7507 and 7.762 respectively, and thus may be at a key juncture along those timeframes. Or to simplify this another way, note that out of the past 10 days USDHKD’s price has gone up 0 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram