(Last Updated April 9, 2021 3:14 GMT)
Currently, USDHKD’s rate is down -1 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)
The choppiness in the recent daily price action of USDHKD continues; to start today, it came in at a price of 7.7767, down 83 pips (0.11%) since the previous day. Relative to other instruments in the Forex asset class, USDHKD ranked 19th the previous day in terms of percentage 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USDHKD’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.