GBPAUD Down 10 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 100 Day Average

Hourly Update

(Last Updated February 19, 2021 23:20 GMT)

At the moment, GBPAUD’s rate is down -10 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPAUD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend 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 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)

The choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.79803, up 99 pips (0.55%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of GBPAUD.

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 18.3 pips away. Volatility for GBPAUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 8 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30 and 90 day