GBPAUD Down 2 Pips Over Past Hour, Price Base in Formation Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated June 9, 2021 20:21 GMT)

Currently, GBPAUD’s rate is down -2 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 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1.82869, up 8 pips (0.04%) since yesterday. Relative to other instruments in the Forex asset class, GBPAUD ranked 14th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.8294, 1.809, 1.8026 and 1.7995 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone up 15 out of the past 30 days. Also, candlestick traders! Note we see doji pattern appearing here as well.