GBPAUD Down 6 Pips On Hourly Chart, 2 Day Up Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated May 31, 2021 2:20 GMT)

At the time of this writing, GBPAUD’s rate is down -6 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPAUD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 1.8392, down 6 pips 0.03% from yesterday. Relative to other instruments in the Forex asset class, GBPAUD ranked 27th yesterday in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.8187, 1.805, 1.7993 and 1.7976 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. 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. For additional context, note that price has gone down 6 out of the past 10 days.