USD/HKD Up 9 Pips On Hourly Chart, 2 Day Down Streak Broken; is Inching Close to 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated December 27, 2021 1:35 GMT)

At the moment, USDHKD’s rate is up 9 pips (0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDHKD has now gone down 25 of the past 30 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning above it. 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 7.79852, down 3 pips (0%) since yesterday. Relative to other instruments in the Forex asset class, USDHKD ranked 13th yesterday in terms of percentage price change. Here is a 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 7.7988, 7.7904, 7.7865 and 7.7769 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 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USDHKD’s price has gone down 14 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.