USD/HKD Down 4 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

USD/HKD 4 Hour Price Update

Updated May 12, 2020 12:53 AM GMT (08:53 PM EST)

The back and forth price flow continues for USD/HKD, which started the current 4 hour candle off at 7.7505, down 4 pips 0.01% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, USD/HKD ended up ranking 21st for the four-hour candle in terms of price change.

USD/HKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/HKD continues; to start today, it came in at a price of 7.75058, down 2 pips (0%) since yesterday. Out of the 40 instruments in the Forex asset class, USD/HKD ended up ranking 28th for the day in terms of price change. Let’s take a look at price chart of USD/HKD.

USD/HKD Technical Analysis

Coming into today the current price of USD/HKD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. 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. For additional context, note that price has gone down 8 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.