USD/HKD Up 4 Pips On 4 Hour Chart, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart

USD/HKD 4 Hour Price Update

Updated May 11, 2020 09:08 PM GMT (05:08 PM EST)

USD/HKD entered the current 4 hour candle at 7.7509, up 4 pips (0.01%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/HKD ended up ranking 19th for the four-hour candle in terms of price change.

USD/HKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/HKD entered today at 7.75161, down 1 pips (0%) from the previous day. Compared to its peers in the Forex, USD/HKD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Below is a price chart of USD/HKD.

USD/HKD Technical Analysis

The first thing we should note is that USD/HKD is now close to its 20, 50, 100 and 200 day averages, located at 7.7509, 7.753, 7.7629 and 7.7913 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 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. Or to simplify this another way, note that out of the past 14 days USD/HKD’s price has gone up 4 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.