USD/HKD Down 0 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated August 31, 2022 1:37 GMT)

At the time of this writing, USDHKD’s rate is down 0 pips (0%) from the hour prior. USDHKD has seen its price go down 10 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDHKD. Given that we see an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDHKD is up 13 pips (0.02%) since the day prior (opening today near 7.8485), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDHKD ranked 26th the day prior in terms of percentage price change. Below is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

First things first: USDHKD crossed above its 50 and 100 day moving averages yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 9.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.