GBPAUD Up 29 Pips On Hourly Chart, Outperforms All Forex; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated November 18, 2020 2:19 GMT)

Currently, GBPAUD’s rate is up 29 pips (0.16%) 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 20 hour timeframe. Of note is that the 100 hour changed directions on GBPAUD; it is now pointing up. 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 back and forth price flow continues for GBPAUD, which started today off at 1.81354, up 121 pips 0.67% from yesterday. GBPAUD outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! 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 100 day average, which is 34.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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 14 days GBPAUD’s price has gone down 9 them.