USDHKD Up 5 Pips Over Past Hour, 4 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2021 0:13 GMT)

At the time of this writing, USDHKD’s rate is up 5 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 24 of the past 30 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)

After 4 down days, USDHKD snaps its streak, rising 34 pips (0.04%) over the past day to close at an exchange rate of 7.77391. Compared to its peers in the Forex, USDHKD gave its buyers a return that ranked 16th in terms of percentage change since the day prior. Here is a price chart of USDHKD.

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 7.7832, 7.776, 7.7696 and 7.7639 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDHKD’s price has gone up 16 them. Also, candlestick traders! Note we see morning star pattern appearing here as well.