GBP/AUD Price Recap
GBP/AUD is down 56 pips (0.29%) since yesterday (with its current price near 1.92334), marking the 2nd day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 3.91% from the day before — and down 23.68% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 31st for the day in terms of day-over-day price change. The price chart of GBP/AUD below illustrates.
GBP/AUD Technical Analysis
First things first: GBP/AUD crossed below its 20 day moving average yesterday. 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 15 out of the past 30 days.
A final note on correlations: over the past week, the currency pair bearing the strongest correlation to GBP/AUD has been AUD/CHF — not terribly surprising, given that AUD is in both currency pairs. Alternatively, regarding pairs with the lowest correlation to GBP/AUD? Well, that belongs to USD/JPY over the past 7 days, but USD/TRY over a two week period.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPAUD, with 16 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
still watching for a break of the triangle and the support