USD/HKD Down 1 Pips On Hourly Chart, Came Into Today Down For 3rd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated July 15, 2022 1:37 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 30 of the past 30 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning below them. 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 is down 2 pips (0%) since the previous day (opening today near 7.8497), marking 3rd consecutive day it is flat. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 27th for the day in terms of price change. The price chart of USDHKD below illustrates.

USDHKD

USDHKD Technical Analysis

Notably, 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 50 day average, which is 12.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 30 days USDHKD’s price has gone up 11 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar and evening star patterns appearing here.