GBPAUD Up 9 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 4, 2021 2:20 GMT)

At the moment, GBPAUD’s rate is up 9 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100, 20 and 50 hour moving averages, resulting in them with price now being above them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPAUD is up 9 pips (0.05%) since the previous day (opening today near 1.79182), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 21st in terms of percentage change since the previous day. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.7924, 1.7981, 1.7878 and 1.7985 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 5.7 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 7 out of the past 14 days.