USDHKD Down 4 Pips Over Past Hour, Breaks Below 20 Day Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated October 12, 2021 0:13 GMT)

At the time of this writing, USDHKD’s rate is down 4 pips (0%) from the hour prior. USDHKD has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDHKD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 11 pips (0.01%) since the previous day (opening today near 7.78417), marking the 2nd straight day a decline has happened. Out of the 39 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

Moving average crossovers are always interesting, so let’s start there: USDHKD crossed below its 20 day moving average yesterday. Volatility for USDHKD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDHKD’s price has gone up 14 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!