USD/HKD Moves Down For the 2nd Day In A Row, Eyes 20, 50 and 100 Day Averages; Doji and Pin Bar Patterns Appearing on Chart

USD/HKD Price Recap

USD/HKD is down 12 pips (0.02%) since yesterday (with its current price near 7.76551), marking the 2nd day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 17.8% from the day prior, but up 88.47% from the same day the week before. Relative to other instruments in the Forex asset class, USD/HKD ranked 21st yesterday in terms of percentage price change. Here 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 7.7772, 7.7724, 7.7941 and 7.8124 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 50 day average, which is 68.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Something else of critical noteworthiness is that USD/HKD may have broken its trend on the 90 day basis, as the trend’s momentum appears to be slowing down. Or to simplify this another way, note that out of the past 14 days USD/HKD’s price has gone down 8 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDHKD; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

$USDHKD: Sell Stop (Pending Order) below 7.76604TP1= 7.76085SL = 7.77124