GBPAUD Up 12 Pips in Last Hour; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated September 17, 2021 1:20 GMT)

At the time of this writing, GBPAUD’s rate is up 12 pips (0.07%) from the hour prior. This is the 2nd hour in a row GBPAUD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

The choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.88669, down 1 pips (0%) since the day prior. Relative to other instruments in the Forex asset class, GBPAUD ranked 15th the day prior in terms of percentage price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 49.3 pips away. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. For additional context, note that price has gone up 16 out of the past 30 days.