USD/HKD Up 77 Pips; Crosses 50 Day Moving Average

USD/HKD Price Recap

USD/HKD is up 77 pips (0.1%) since yesterday (with its current price near 7.77673), marking the 2nd day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 95.94% from the day prior, and up 28.68% from the same day the week before. Relative to other instruments in the Forex asset class, USD/HKD ranked 19th yesterday in terms of percentage price change. The price chart of USD/HKD below illustrates.

USD/HKD Technical Analysis

First things first: 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 20 day average, which is 6 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Something else of critical noteworthiness is that USD/HKD may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.

A final note on correlations: over the past week, the currency pair bearing the strongest correlation to USD/HKD has been USD/SEK — a frequent scenario, considering USD finds itself in both pairs. As for pairs with the least correlation, look no further than AUD/CAD if you’re focused on just this past week, or EUR/USD for a look at a broader, two week window.