(Last Updated October 6, 2021 10:13 GMT)
Currently, USDHKD’s rate is down 2 pips (0%) from the hour prior. USDHKD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 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 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 7.78533, down 20 pips (0.03%) since the day prior. Relative to other instruments in the Forex asset class, USDHKD ranked 27th the day prior in terms of percentage price change. Here is a price chart of USDHKD.
USDHKD Technical Analysis
Coming into today USDHKD is now close to its 20, 50, 100 and 200 day averages, located at 7.783, 7.7817, 7.7733 and 7.7671 respectively, and thus may be at a key juncture along those timeframes. Volatility for USDHKD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDHKD’s price has gone up 5 them.