GBP/AUD Up 10 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated August 5, 2022 1:42 GMT)

At the time of this writing, GBPAUD’s rate is up 10 pips (0.06%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 down 24 pips (0.14%) since the day prior (opening today near 1.74619), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBPAUD ranked 26th the day prior in terms of percentage price change. 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 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 18 out of the past 30 days.