GBPAUD Up 5 Pips Over Past Hour; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated November 12, 2020 1:18 GMT)

Currently, GBPAUD’s rate is up 5 pips (0.03%) from the hour prior. This is the 2nd hour in a row GBPAUD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend on the 10 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)

GBPAUD entered today at 1.82097, up 146 pips (0.81%) from the previous day. Relative to other instruments in the Forex asset class, GBPAUD ranked 7th the previous day in terms of percentage price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

First things first: GBPAUD crossed above its 50 and 100 day moving averages 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 20 day average, which is 47.2 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone down 6 them.