(Last Updated January 7, 2021 2:15 GMT)
At the moment, USDHKD’s rate is down 1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 10 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above 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)
The back and forth price flow continues for USDHKD, which started today off at 7.7529, down 2 pips 0% from yesterday. Out of the 40 instruments in the Forex asset class, USDHKD ended up ranking 24th for the day in terms of price change. The price chart of USDHKD below illustrates.
USDHKD Technical Analysis
Notably, USDHKD is now close to its 20, 50, 100 and 200 day averages, located at 7.7524, 7.752, 7.7509 and 7.7509 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 5.3 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. 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!