(Last Updated October 8, 2020 2:18 GMT)
At the moment, GBPAUD’s rate is up 13 pips (0.07%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPAUD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 20 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)
A moment of silence, please, for the end of GBPAUD’s 3 day up streak; price ended the day prior down 34 pips (-0.19%) to finish the day at a rate of 1.80841. Relative to other instruments in the Forex asset class, GBPAUD ranked 28th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPAUD.
GBPAUD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPAUD crossed below its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone up 7 them.