USD/HKD Up 14 Pips On 4 Hour Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

USD/HKD 4 Hour Price Update

Updated March 26, 2020 05:10 AM GMT (01:10 AM EST)

USD/HKD is up 14 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 7.7544), marking the 2nd candle in a row an upward move has occurred. Compared to its peers in the Forex, USD/HKD gave its buyers a return that ranked 25th in terms of percentage change since the last 4 hour candle.

USD/HKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/HKD continues; to start today, it came in at a price of 7.753, down 3 pips (0%) since yesterday. Out of the 40 instruments in the Forex asset class, USD/HKD ended up ranking 18th for the day in terms of price change. Below is a price chart of USD/HKD.

USD/HKD Technical Analysis

Notably, the current price of USD/HKD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USD/HKD’s price has gone down 15 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDHKD, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of divergence and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDHKD Potential Bullish Movementwe are waiting for a momentum candle close above 7.760 to buy this oneReason:1- Regular Bullish Divergence on MACD (in red)2- Objective Wedge (in blue)3- Support / Demand Zone from Daily (in purple)Three confluences are enough to consider Buying USDHKD, after a break below 7.760 (in gray)