(Last Updated September 23, 2021 2:4 GMT)
At the moment, GBPAUD’s rate is up 14 pips (0.08%) from the hour prior. This is the 2nd consecutive hour GBPAUD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)
The choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.88237, down 73 pips (0.39%) since the day prior. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 35th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPAUD.
GBPAUD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPAUD crossed below its 50 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 50 day average, which is 21.2 pips away. It should be noted, though, the 20 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 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 8 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90 and 14 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.