USD/HKD Down 1 Pips On Hourly Chart, Moves Down For 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 11, 2022 1:39 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 14 of the past 14 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them so that price is now turning above 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 3 pips (0%) since the day prior (opening today near 7.84975), marking 2nd straight day it is unchanged. Relative to other instruments in the Forex asset class, USDHKD ranked 16th the day prior in terms of percentage price change. Let’s take a look at price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

Coming into today 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. 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 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.