(Last Updated August 24, 2021 1:50 GMT)
At the time of this writing, GBPAUD’s rate is up 12 pips (0.06%) from the hour prior. This is the 2nd hour in a row GBPAUD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)
The choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.9031, down 52 pips (0.27%) since the day prior. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 22nd for the day in terms of price change. The price chart of GBPAUD below illustrates.
GBPAUD Technical Analysis
Notably, the current price of GBPAUD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.