GBPAUD Up 20 Pips Over Past Hour; Eyes 50 and 100 Day Averages

Hourly Update

(Last Updated November 12, 2020 22:18 GMT)

At the moment, GBPAUD’s rate is up 20 pips (0.11%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPAUD has now gone up 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see an uptrend on the 5 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. Regarding moving averages, it should first be noted that price has crossed the 100 and 20 hour moving averages, resulting in them so that price is now turning above them. 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 entered today at 1.81568, down 53 pips (0.29%) from yesterday. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 33rd for the day in terms of price change. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that the current price of GBPAUD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 62 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone down 8 them.