GBPAUD Down 2 Pips Over Past Hour; Moves Down For the 6th Day In A Row

Hourly Update

(Last Updated September 14, 2020 23:16 GMT)

At the moment, GBPAUD’s rate is down -2 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPAUD has now gone down 4 of the past 5 hours. 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 20, 50, 100 and 200 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 79 pips (0.45%) since the day prior (opening today near 1.75601), marking the 6th day in a row it has gone down. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 37th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

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 50 day average, which is 550.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 18 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.64, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is coming towards a key descending trendline and Fibonacci levels. I would like to see further development going into tomorrow, a potential break and retest of the counter trendline, looking for a sell setup down to 1.7300


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram