USD/HKD Down 2 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Ended

Hourly Update

(Last Updated July 29, 2022 1:36 GMT)

At the moment, 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 14 of the past 14 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 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 entered today at 7.8496, up 4 pips (0.01%) from yesterday. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 9th for the day in terms of price change. Let’s take a look at 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 averages, located at 7.8487, 7.8484, 7.8437 and 7.8196 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 14 days USDHKD’s price has gone up 3 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!