USDHKD Down 6 Pips On Hourly Chart, Eyes 20, 50, 100 and 200 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated October 15, 2021 1:13 GMT)

Currently, USDHKD’s rate is down -6 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 13 of the past 14 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 10 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 50 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDHKD entered today at 7.77914, down 34 pips (0.04%) from the day prior. Relative to other instruments in the Forex asset class, USDHKD ranked 22nd the day prior in terms of percentage price change. The price chart of USDHKD below illustrates.

USDHKD

USDHKD Technical Analysis

Coming into today USDHKD is now close to its 20, 50, 100 and 200 day averages, located at 7.7842, 7.7827, 7.7744 and 7.768 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!