USD/HKD Down 2 Pips in Last Hour, Makes Big Move Relative to Past Month; Breaks Above 50 Day Average

Hourly Update

(Last Updated November 2, 2022 1:36 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. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 above it. 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)

After 3 down days, USDHKD snaps its streak, rising 4 pips (0.01%) over the past day to close at an exchange rate of 7.8495. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 12th for the day in terms of price change. Here is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

First things first: USDHKD crossed above its 50 day moving average yesterday. Or to simplify this another way, note that out of the past 10 days USDHKD’s price has gone up 2 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDHKD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Read latest news here A weakening HKD is good for the Hong Kong economy especially for the exporters. I think there will be some policies coming out from China as HK is now part of China and how HK implement its new policies will much depends on the strategic directions of the central government of China.So, I will not be rushing to place my bets so soon but await the news first. And if I do, it will be a small % of my total portfolio. Please DYODD