GBPAUD Down 1 Pips On Hourly Chart, Entered Today Down For the 5th Straight Day; Breaks Below 100 Day Average

Hourly Update

(Last Updated April 27, 2021 2:20 GMT)

Currently, GBPAUD’s rate is down 1 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPAUD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 89 pips (0.5%) since the previous day (opening today near 1.78157), marking the 5th straight day it has gone down. Relative to other instruments in the Forex asset class, GBPAUD ranked 32nd the previous day in terms of percentage price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

First things first: GBPAUD crossed below 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 54.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone down 8 them.