USDHKD Down 5 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Nears 20, 50, 100 and 200 Day Moving Averages

Hourly Update

(Last Updated October 15, 2021 23:13 GMT)

At the time of this writing, USDHKD’s rate is down -5 pips (-0.01%) from the hour prior. USDHKD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDHKD. Given that we see downtrend on the 20 and 10 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 back and forth price flow continues for USDHKD, which started today off at 7.77974, up 6 pips 0.01% from the previous day. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 20th for the day in terms of price change. Let’s take a look at 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 7.7841, 7.7828, 7.7746 and 7.7681 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDHKD’s price has gone up 7 them.