GBP/AUD Down 1 Pips Over Past Hour, Entered Today Up For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated January 7, 2022 1:41 GMT)

Currently, GBPAUD’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd consecutive hour GBPAUD has seen its price head down. Regarding the trend, note that the strongest trend exists 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 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)

GBPAUD is up 121 pips (0.64%) since the day prior (opening today near 1.88915), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPAUD ranked 5th the day prior in terms of percentage price change. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, the current price of GBPAUD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 287.1 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 10 them.