HKDAUD runs into sellers around 0.1919 for the third day in a row


Hong Kong Dollar/Australian Dollar (HKDAUD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

HKDAUD runs into sellers around 0.1919 for the third day in a row
HKDAUD closes above its opening price after recovering from early selling pressure
HKDAUD closes higher for the 2nd day in a row
HKDAUD stuck within tight trading range
HKDAUD closes within previous day's range after lackluster session

Overview

Moving higher for the 2nd day in a row, HKDAUD ended the week -0.62% lower at 0.1917 after gaining 1 pip (0.05%) today on low volume. Trading up to 4 pips lower after the open, HKD/AUD managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on February 6th, HKDAUD gained 0.84% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (HKDAUD as at Feb 14, 2020):

Daily technical analysis candlestick chart for Hong Kong Dollar/Australian Dollar (HKDAUD) as at Feb 14, 2020

Friday's trading range has been 7 pips (0.37%), that's far below the last trading month's daily average range of 12 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HKDAUD. Prices continued to consolidate within a tight trading range between 0.1907 and 0.1919 where it has been caught now for the last three trading days.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.

The FX pair ran into sellers again today around 0.1919 for the third trading day in a row after having found sellers at 0.1919 in the prior session and at 0.1919 two days ago.

Although the currency is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Selling could speed up should prices move below the nearby swing low at 0.1907 where further sell stops might get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for HKD/AUD. Out of 298 times, HKDAUD closed lower 51.01% of the time on the next trading day after the market condition occurred.


Market Conditions for HKDAUD as at Feb 14, 2020

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