USD/HKD Down 1 Pips Over Past Hour, Moves Down For 2nd Consecutive Day; is Inching Close to 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated December 28, 2021 1:39 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 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDHKD. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

USDHKD is down 2 pips (0%) since the day prior (opening today near 7.79867), marking 2nd consecutive day it is flat. Relative to other instruments in the Forex asset class, USDHKD ranked 28th 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 USDHKD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 13 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!