GBP/AUD Down 1 Pips Over Past Hour; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 5, 2022 1:42 GMT)

Currently, GBPAUD’s rate is down -1 pips (-0.01%) from the hour prior. GBPAUD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see downtrend on the 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)

The back and forth price flow continues for GBPAUD, which started today off at 1.86826, down 52 pips 0.28% from the day prior. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 32nd for the day in terms of price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that 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 104 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish 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. Also of note is that on a 90 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 7 out of the past 10 days.