GBPAUD Up 3 Pips On Hourly Chart, Entered Today Down For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 28, 2021 1:21 GMT)

Currently, GBPAUD’s rate is up 3 pips (0.01%) from the hour prior. The hourly chart shows that GBPAUD has seen 3 straight up hours. 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)

GBPAUD is down 10 pips (0.05%) since yesterday (opening today near 1.82389), marking the 4th day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPAUD ranked 24th yesterday in terms of percentage price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Coming into today GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.812, 1.8035, 1.7973 and 1.7974 respectively, and thus may be at a key juncture along those timeframes. 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 118.8 pips away. 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. For additional context, note that price has gone up 5 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.