GBPAUD Up 10 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; is Inching Close to 100 Day Average

Hourly Update

(Last Updated October 8, 2021 10:19 GMT)

At the moment, GBPAUD’s rate is up 10 pips (0.06%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 is down 48 pips (0.26%) since the previous day (opening today near 1.8614), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 36th for the day in terms of price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Coming into today GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.8766, 1.8805, 1.869 and 1.8364 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 76 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone up 17 them.