USDHKD Down 0 Pips Over Past Hour, Makes Big Move Relative to Past Month; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 17, 2020 23:13 GMT)

Currently, USDHKD’s rate is down 0 pips (0%) from the hour prior. USDHKD has seen its price go down 30 out of the past 30 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDHKD is down 0 pips (0%) since the day prior (opening today near 7.74969), marking 23rd straight day it is flat. Out of the 40 instruments in the Forex asset class, USDHKD ended up ranking 20th for the day in terms of price change. The price chart of USDHKD below illustrates.

USDHKD

USDHKD Technical Analysis

Notably, USDHKD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 0 out of the past 14 days. 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