(Last Updated October 12, 2020 2:18 GMT)
At the moment, GBPAUD’s rate is up 10 pips (0.06%) from the hour prior. GBPAUD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 and 50 hour moving averages have been crossed, with price now being above them. 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)
GBPAUD is down 35 pips (0.19%) since yesterday (opening today near 1.80059), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 21st for the day in terms of price change. Let’s take a look at price chart of GBPAUD.
GBPAUD Technical Analysis
Notably, GBPAUD is now close to its 20, 50 and 100 day averages, located at 1.793, 1.807 and 1.8101 respectively, and thus may be at a key juncture along those timeframes. 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. 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 5 them.