USD/HKD Up 19 Pips Over Past Hour, 2 Day Down Streak Broken; Eyes 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated November 23, 2022 2:15 GMT)

At the time of this writing, USDHKD’s rate is up 19 pips (0.02%) from the hour prior. USDHKD has seen its price go down 4 out of the past 5 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 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDHKD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them with price now being above it. 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)

The choppiness in the recent daily price action of USDHKD continues; to start today, it came in at a price of 7.8172, up 141 pips (0.18%) since the day prior. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 10th for the day in terms of price change. Let’s take a look at price chart of USDHKD.

USDHKD

USDHKD Technical Analysis

Notably, the current price of USDHKD 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. 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 213.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!