USDHKD Down 0 Pips in Last Hour, Makes Big Move Relative to Past Month; Moves Down For 17th Consecutive Day

Hourly Update

(Last Updated September 9, 2020 15:13 GMT)

Currently, USDHKD’s rate is down 0 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDHKD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

USDHKD is down 1 pips (0%) since the previous day (opening today near 7.74989), marking 17th consecutive day it is flat. Out of the 40 instruments in the Forex asset class, USDHKD ended up ranking 19th for the day in terms of price change. The price chart of USDHKD below illustrates.

USDHKD

USDHKD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDHKD crossed below its 20 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 14 days USDHKD’s price has gone up 0 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram