(Last Updated April 28, 2021 2:20 GMT)
At the time of this writing, GBPAUD’s rate is up 7 pips (0.04%) from the hour prior. The hourly chart shows that GBPAUD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)
After 5 down days, GBPAUD snaps its streak, rising 82 pips (0.46%) over the past day to close at an exchange rate of 1.78976. Relative to other instruments in the Forex asset class, GBPAUD ranked 9th yesterday in terms of percentage price change. Here is a price chart of GBPAUD.
GBPAUD Technical Analysis
First things first: 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 25.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish 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 10 days GBPAUD’s price has gone up 5 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 30 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.