GBPAUD Up 7 Pips Over Past Hour, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated April 29, 2021 2:20 GMT)

At the moment, GBPAUD’s rate is up 7 pips (0.04%) 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. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. 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 1.78874, down 10 pips (0.06%) from yesterday. Relative to other instruments in the Forex asset class, GBPAUD ranked 20th yesterday in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.7941, 1.7984, 1.7873 and 1.7991 respectively, and thus may be at a key juncture along those timeframes. 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 14.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Price action traders in particular will want to note that the 14 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. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!