GBPAUD Up 9 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 12, 2021 5:18 GMT)

At the time of this writing, GBPAUD’s rate is up 9 pips (0.05%) from the hour prior. GBPAUD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend 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 up 23 pips (0.13%) since yesterday (opening today near 1.8255), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPAUD ranked 16th yesterday in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50, 100 and 200 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 20 day average, which is 80.9 pips away. Volatility for GBPAUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 4 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPAUD uptrend has been broken.We also see an double top on the 4HR.