GBP/AUD Down 4 Pips Over Past Hour, Came Into Today Up For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated May 10, 2022 1:41 GMT)

At the moment, GBPAUD’s rate is down -4 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPAUD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 289 pips (1.66%) since yesterday (opening today near 1.77254), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPAUD ranked 4th yesterday in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

First things first: GBPAUD crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone up 16 them.