USD/HKD Down 3 Pips On 4 Hour Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

USD/HKD 4 Hour Price Update

Updated April 07, 2020 01:05 AM GMT (09:05 PM EST)

USD/HKD is down 3 pips (0%) since the previous 4 hours (opening the current 4 hour candle near 7.7518), marking NA NA NA. Relative to other instruments in the Forex asset class, USD/HKD ranked 19th the previous 4 hours in terms of percentage price change.

USD/HKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/HKD, which started today off at 7.7518, down 2 pips 0% from yesterday. Relative to other instruments in the Forex asset class, USD/HKD ranked 25th yesterday in terms of percentage price change. Below is a price chart of USD/HKD.

USD/HKD Technical Analysis

Notably, the current price of USD/HKD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USD/HKD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDHKD; just 0 sell signals and 3 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of divergence and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDHKD Potential Bullish Movementwe are waiting for a momentum candle close above 7.75520 to buy this oneReason:1- Divergence on MACD (in red)2- Objective Ascending Triangle (in blue)3- Support Round Number from Daily 7.7500 (in purple)Three confluences are enough to consider Buying USDHKD, after a break below 7.75520 (in gray)