USDHKD Down 2 Pips On Hourly Chart, Nears 20, 50, 100 and 200 Day Moving Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 5, 2021 2:15 GMT)

At the time of this writing, USDHKD’s rate is down 2 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. As for the trend on the hourly timeframe, we see the clearest trend 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. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, so that price is now turning above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USDHKD, which started today off at 7.75338, down 4 pips 0.01% from the day prior. Relative to other instruments in the Forex asset class, USDHKD ranked 16th the day prior in terms of percentage price change. Below is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

The first thing we should note is that USDHKD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 12.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDHKD’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.