USDHKD Up 12 Pips On Hourly Chart, 4 Day Up Streak Snapped; is Inching Close to 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated September 13, 2021 11:13 GMT)

At the time of this writing, USDHKD’s rate is up 12 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 hour moving average, resulting in them with price now being above 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)

A moment of silence, please, for the end of USDHKD’s 4 day up streak; price ended the day prior down 1 pips (0%) to finish the day at a rate of 7.7776. Relative to other instruments in the Forex asset class, USDHKD ranked 21st the day prior in terms of percentage price change. Here is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

Coming into today USDHKD is now close to its 20, 50, 100 and 200 day averages, located at 7.7823, 7.7769, 7.7702 and 7.7644 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.