GBP/AUD Up 12 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Straight Day

Hourly Update

(Last Updated April 28, 2022 1:42 GMT)

Currently, GBPAUD’s rate is up 12 pips (0.07%) from the hour prior. The hourly chart shows that GBPAUD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 20 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 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 17 pips (0.1%) since the day prior (opening today near 1.76026), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPAUD ranked 25th the day prior in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20 and 50 day averages, located at 1.7554 and 1.7882 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone up 6 them.