GBP/AUD Price Recap
After 3 up days, GBP/AUD snaps its streak, falling 26 pips (-0.13%) over the past day to close at an exchange rate of 1.92895. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 10.22% from the day before — and down 12.47% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 27th for the day in terms of day-over-day price change. Here is a price chart of GBP/AUD.
GBP/AUD Technical Analysis
Coming into today GBP/AUD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPAUD, with 18 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.64, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GA looking like a nice sell setup, if you’re not in this already look for retest of the purple box area, and rejection on the 15 min time frame….Looking like a nice opportunity to sell around this area due to the fact it is rejecting the fib levels we look out for as well descending trend line and rejection of the EMA….Take partial profits at the given levels.