USD/HKD Down 1 Pips On Hourly Chart, Moves Down For 3rd Straight Day; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated May 12, 2022 1:36 GMT)

At the time of this writing, USDHKD’s rate is down -1 pips (0%) from the hour prior. USDHKD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDHKD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. 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 day prior (opening today near 7.84994), marking 3rd straight day it is flat. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 8th for the day in terms of price change. Here 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. 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 16 out of the past 30 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDHKD; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

hkd fx reserves had the biggest plummet of 10% in a few months – biggest on record. at some point peg will break as FX reserves run dry. will be repriced to 8.6 at least.