USDHKD Down 5 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 3, 2021 4:15 GMT)

Currently, USDHKD’s rate is down -5 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDHKD is down 8 pips (0.01%) since the day prior (opening today near 7.75871), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 21st for the day in terms of 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 averages, located at 7.7641, 7.7672, 7.7618 and 7.7566 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 200 day average, which is 21.1 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 13 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.