USD/HKD Down 5 Pips On 4 Hour Chart, 2 Day Down Streak Ended; Doji Pattern Appearing on Chart

USD/HKD 4 Hour Price Update

Updated March 25, 2020 01:37 PM GMT (09:37 AM EST)

USD/HKD is down 5 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 7.7535), marking the 2nd candle in a row a decline has happened. Out of the 40 instruments in the Forex asset class, USD/HKD ended up ranking 22nd 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 7.7533, up 13 pips (0.02%) from the day prior. Compared to its peers in the Forex, USD/HKD gave its buyers a return that ranked 25th in terms of percentage change since the day prior. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDHKD, with 4 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of divergence and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDHKD Potential Bullish Movementwe are waiting for a momentum candle close above 7.760 to buy this oneReason:1- Regular Bullish Divergence on MACD (in red)2- Objective Wedge (in blue)3- Support / Demand Zone from Daily (in purple)Three confluences are enough to consider Buying USDHKD, after a break below 7.760 (in gray)