USDHKD Down 0 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Moves Down For 14th Straight Day

Hourly Update

(Last Updated September 4, 2020 9:48 GMT)

At the time of this writing, USDHKD’s rate is down 0 pips (0%) from the hour prior. USDHKD has seen its price go down 30 out of the past 30 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend on the 20 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 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 is down 1 pips (0%) since yesterday (opening today near 7.74984), marking 14th straight day it is unchanged. Out of the 40 instruments in the Forex asset class, USDHKD ended up ranking 17th for the day in terms of price change. The price chart of USDHKD below illustrates.

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 7.75, 7.7505, 7.7507 and 7.764 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. 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. For additional context, note that price has gone down 5 out of the past 30 days. 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