USD/HKD Up 4 Pips On 4 Hour Chart, Crosses 50 Day Moving Average; Price Base in Formation Over Past 90 Days

USD/HKD 4 Hour Price Update

Updated July 27, 2020 09:10 PM GMT (05:10 PM EST)

The back and forth price flow continues for USD/HKD, which started the current 4 hour candle off at 7.7516, up 4 pips 0.01% from the previous 4 hours. Compared to its peers in the Forex, USD/HKD gave its buyers a return that ranked 18th in terms of percentage change since the previous 4 hours.

USD/HKD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/HKD continues; to start today, it came in at a price of 7.75105, up 4 pips (0.01%) since the day prior. Relative to other instruments in the Forex asset class, USD/HKD ranked 28th the day prior in terms of percentage price change. Let’s take a look at price chart of USD/HKD.

USD/HKD

USD/HKD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USD/HKD crossed above its 50 day moving average yesterday. 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 0.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USD/HKD’s price has gone up 6 them.