(Last Updated May 28, 2021 1:15 GMT)
At the moment, USDHKD’s rate is down -7 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDHKD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for USDHKD, which started today off at 7.76297, up 6 pips 0.01% from the previous day. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 22nd for the day in terms of price change. Below is a price chart of USDHKD.
USDHKD Technical Analysis
The first thing we should note is that USDHKD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 14.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 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 14 days USDHKD’s price has gone down 6 them.