GBP/AUD Down 0 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 2, 2022 1:42 GMT)

At the time of this writing, GBPAUD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPAUD. Given that we see downtrend on the 20 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 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPAUD is down 153 pips (0.87%) since yesterday (opening today near 1.74), marking the 4th consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPAUD ranked 38th yesterday in terms of percentage price change. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20 and 50 day averages, located at 1.7649 and 1.7592 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 192.5 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. 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 GBPAUD’s price has gone down 16 them.