USD/HKD Down 1 Pips in Last Hour, Price Base in Formation Over Past 30 Days; Nears 20, 50, 100 and 200 Day Moving Averages

Hourly Update

(Last Updated January 5, 2022 1:38 GMT)

At the moment, USDHKD’s rate is down -1 pips (0%) from the hour prior. USDHKD has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend on the 20 and 10 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 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)

The choppiness in the recent daily price action of USDHKD continues; to start today, it came in at a price of 7.79351, down 39 pips (0.05%) since yesterday. Relative to other instruments in the Forex asset class, USDHKD ranked 24th yesterday in terms of percentage price change. Here is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

Coming into today USDHKD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. 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 10 days USDHKD’s price has gone down 6 them.