(Last Updated January 8, 2021 3:20 GMT)
At the moment, GBPAUD’s rate is down -3 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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)
A moment of silence, please, for the end of GBPAUD’s 3 day down streak; price ended the day prior up 9 pips (0.05%) to finish the day at a rate of 1.74465. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 23rd for the day in terms of price change. The price chart of GBPAUD below illustrates.
GBPAUD Technical Analysis
The first thing we should note is that GBPAUD is now close to its 20 day averages, located at 1.7709 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.