(Last Updated June 3, 2021 4:21 GMT)
Currently, GBPAUD’s rate is up 3 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPAUD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on GBPAUD; it is now pointing up. 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)
A moment of silence, please, for the end of GBPAUD’s 3 day down streak; price ended yesterday up 38 pips (0.21%) to finish the day at a rate of 1.82955. Relative to other instruments in the Forex asset class, GBPAUD ranked 8th yesterday in terms of percentage price change. Let’s take a look at price chart of 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 1.8247, 1.8059, 1.8007 and 1.7979 respectively, and thus may be at a key juncture along those timeframes. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 7 out of the past 10 days.