USDHKD Down 1 Pips Over Past Hour, Entered Today Down For 3rd Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 16, 2020 3:15 GMT)

At the moment, 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. Regarding the trend, note that the strongest trend exists on the 20 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. Most noteworthy in the world of moving averages on the hourly chart is that the 100, 20, 200 and 50 hour moving averages have been crossed, so that price is now turning below them. 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 2 pips (0%) since yesterday (opening today near 7.75007), marking 3rd consecutive day it is unchanged. Out of the 40 instruments in the Forex asset class, USDHKD ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDHKD crossed below its 50 day moving average yesterday. Also of note is that on a 30 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 2 them.