USD/HKD Up 21 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Nears 20, 50, 100 and 200 Day Moving Averages

Hourly Update

(Last Updated November 15, 2021 1:35 GMT)

Currently, USDHKD’s rate is up 21 pips (0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 24 of the past 30 hours. Regarding the trend, note that the strongest trend 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 downtrend 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, 20 and 50 hour moving averages, resulting in them so that price is now turning above them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDHKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USDHKD’s 4 day up streak; price ended the previous day down 25 pips (-0.03%) to finish the day at a rate of 7.78912. Relative to other instruments in the Forex asset class, USDHKD ranked 30th the previous day in terms of percentage price change. Let’s take a look at price chart of USDHKD.

USDHKD

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 7.7812, 7.7817, 7.7787 and 7.7711 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 74.3 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 up. For additional context, note that price has gone up 9 out of the past 14 days.