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

Hourly Update

(Last Updated October 6, 2020 15:13 GMT)

At the moment, USDHKD’s rate is down 0 pips (0%) from the hour prior. USDHKD has seen its price go down 14 out of the past 14 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 50 hour timeframe. 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 1 pips (0%) since the day prior (opening today near 7.75004), marking 10th consecutive day it is flat. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 26th in terms of percentage change since the day prior. Let’s take a look at 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 moving averages, which may act as price barrier for the asset. Price action traders in particular will want to note that the 30 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 1 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.