GBPAUD Up 32 Pips On Hourly Chart, Breaks Below 20, 50 and 200 Day Averages; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated April 9, 2021 3:20 GMT)

At the time of this writing, GBPAUD’s rate is up 32 pips (0.18%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see downtrend on the 20 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 20 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPAUD entered today at 1.79381, down 108 pips (0.6%) from the day prior. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 35th in terms of percentage change since the day prior. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPAUD crossed below its 20, 50 and 200 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 50 day average, which is 22.4 pips away. It should be noted, though, the 20, 50 and 200 day simple moving averages turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 8 them.