GBPAUD Down 6 Pips On Hourly Chart, Breaks Above 100 Day Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 6, 2021 10:19 GMT)

Currently, GBPAUD’s rate is down -6 pips (-0.03%) from the hour prior. This is the 2nd straight hour GBPAUD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 30 pips (0.16%) since the day prior (opening today near 1.86967), marking the 4th straight day an upward move has occurred. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 18th in terms of percentage change since the day prior. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD crossed above its 100 day moving average yesterday. 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 100 day average, which is 13.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. 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 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.