USDHKD Down 1 Pips in Last Hour, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 16, 2020 23:13 GMT)

Currently, USDHKD’s rate is down -1 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, with price now being 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 0 pips (0%) since the day prior (opening today near 7.74969), marking 23rd straight day it is flat. Relative to other instruments in the Forex asset class, USDHKD ranked 20th the day prior in terms of percentage price change. 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 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 10 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