USD/HKD Down 1 Pips in Last Hour, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2021 1:43 GMT)

Currently, 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 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 up 9 pips (0.01%) since yesterday (opening today near 7.77484), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 25th in terms of percentage change since yesterday. The price chart of USDHKD below illustrates.

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 7.7829, 7.7763, 7.7697 and 7.764 respectively, and thus may be at a key juncture along those timeframes. 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 5 out of the past 10 days.