USDHKD Down 3 Pips On Hourly Chart, Breaks Above 50 Day Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 10, 2021 2:13 GMT)

Currently, USDHKD’s rate is down 3 pips (0%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. 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 up 16 pips (0.02%) since the day prior (opening today near 7.77749), marking the 4th consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, USDHKD ranked 11th the day prior in terms of percentage price change. Below is a price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

Notably, USDHKD crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDHKD’s price has gone up 18 them.