(Last Updated November 23, 2020 2:14 GMT)
At the time of this writing, USDHKD’s rate is down 1 pips (0%) from the hour prior. USDHKD has seen its price go down 25 out of the past 30 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 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)
A moment of silence, please, for the end of USDHKD’s 3 day up streak; price ended yesterday down 7 pips (-0.01%) to finish the day at a rate of 7.75182. Relative to other instruments in the Forex asset class, USDHKD ranked 26th yesterday in terms of percentage price change. Below is a price chart of USDHKD.
USDHKD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDHKD crossed below its 20 day moving average yesterday. 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 20 day average, which is 3.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 14 days.