(Last Updated November 12, 2020 22:15 GMT)
At the moment, USDHKD’s rate is down -4 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 8 of the past 10 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Of note is that the 20 and 50 hour changed directions on USDHKD; they are now pointing down. 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 up 12 pips (0.02%) since the previous day (opening today near 7.7548), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Below is a price chart of USDHKD.
USDHKD Technical Analysis
First things first: USDHKD crossed above its 200 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 5.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USDHKD’s price has gone up 6 them.