(Last Updated November 13, 2020 1:28 GMT)
At the time of this writing, USDHKD’s rate is down -0.0001 (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 12 of the past 14 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 7.75384, down 10 pips (0.01%) from the day prior. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 16th in terms of percentage change since the day prior. The price chart of USDHKD below illustrates.
USDHKD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDHKD crossed below its 200 day moving average yesterday. 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 3.2 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 up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.