GBP/AUD Up 9 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Eyes 200 Day Average

Hourly Update

(Last Updated November 10, 2022 1:50 GMT)

At the moment, GBPAUD’s rate is up 9 pips (0.05%) 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 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. 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 61 pips (0.34%) since yesterday (opening today near 1.76792), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 23rd for the day in terms of price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.7879, 1.7419, 1.7401 and 1.7637 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 200 day average, which is 42.7 pips away. It should be noted, though, the 20 and 100 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 30 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 5 them.