GBPAUD Up 44 Pips On Hourly Chart, 3 Day Down Streak Snapped; Social Sentiment Biased Towards Buying

Hourly Update

(Last Updated October 13, 2020 2:18 GMT)

At the moment, GBPAUD’s rate is up 44 pips (0.24%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 114 pips (0.63%) to finish the day at a rate of 1.81196. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 2nd for the day in terms of price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPAUD crossed above its 50 and 100 day moving averages yesterday. 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. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone up 5 them.