(Last Updated June 1, 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 12 of the past 14 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 50 hour changed directions on USDHKD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
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 7.76078, down 1 pips (0%) since yesterday. Out of the 39 instruments in the Forex asset class, USDHKD ended up ranking 21st 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 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 100 day average, which is 9.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. 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. Or to simplify this another way, note that out of the past 30 days USDHKD’s price has gone up 13 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!