(Last Updated May 31, 2021 2:15 GMT)
At the moment, USDHKD’s rate is down -1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
USDHKD entered today at 7.76085, up 5 pips (0.01%) from yesterday. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 23rd for the day in terms of price change. The price chart of USDHKD below illustrates.
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 7.7653, 7.7677, 7.7616 and 7.7565 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 8 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 13 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.