GBP/AUD Down 1 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated November 2, 2022 1:40 GMT)

Currently, GBPAUD’s rate is down -1 pips (-0.01%) from the hour prior. The hourly chart shows that GBPAUD has seen 2 straight down hours. Regarding the trend, note that the strongest trend 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 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)

The choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.79599, up 61 pips (0.34%) since the day prior. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 5th for the day in terms of price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20 and 200 day averages, located at 1.7806 and 1.7676 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 20 day average, which is 153.8 pips away. Volatility for GBPAUD 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. Also of note is that on a 14 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 14 days GBPAUD’s price has gone up 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPAUD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Could be making a regular, irregular, or expanded flat. Let’s see if price can reach the shaded area.