GBP/AUD Up 2 Pips in Last Hour, Moves Up For the 5th Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated December 29, 2021 1:45 GMT)

Currently, GBPAUD’s rate is up 2 pips (0.01%) from the hour prior. This is the 2nd hour in a row 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 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 up 3 pips (0.02%) since the day prior (opening today near 1.85774), marking the 5th day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 11th for the day in terms of price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Coming into today GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.8554, 1.8507, 1.8565 and 1.8551 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 100 day average, which is 11.9 pips away. 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. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone up 18 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.