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 September 8, 2022 1:35 GMT)

At the time of this writing, 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. Price action traders may also wish to note that we see a doji candlestick pattern on USDHKD. Given that we see downtrend on the 10 and 5 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDHKD entered today at 7.8497, down 2 pips (0%) from the previous day. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Below is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

The first thing we should note is that the current price of USDHKD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 17.7 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Volatility for USDHKD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone up 13 out of the past 30 days.