(Last Updated May 2, 2022 1:40 GMT)
At the time of this writing, GBPAUD’s rate is down -1 pips (-0.01%) from the hour prior. The hourly chart shows that GBPAUD has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPAUD. 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 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, which opened today priced near 1.77968, is up 256 pips 1.46% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. On a relative basis, the day prior was pretty good: GBPAUD bested all 39 of the assets in the Forex class 🙂 Let’s take a look at price chart of GBPAUD.
GBPAUD Technical Analysis
First things first: GBPAUD crossed above its 20 day moving average yesterday. 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 up 8 out of the past 14 days.