GBPAUD Up 9 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Broken

Hourly Update

(Last Updated April 7, 2021 3:20 GMT)

At the moment, GBPAUD’s rate is up 9 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 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 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 1.80444, down 121 pips (0.67%) since the day prior. Relative to other instruments in the Forex asset class, GBPAUD ranked 32nd the day prior in terms of percentage price change. Let’s take a look at price chart of GBPAUD.

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 1.8033, 1.7958, 1.7888 and 1.7998 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 11.8 pips away. 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. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone up 17 them.