GBP/AUD Down 26 Pips On 4 Hour Chart, 5 Day Up Streak Snapped; Nears 20 and 50 Day Moving Averages

GBP/AUD 4 Hour Price Update

Updated July 29, 2020 01:14 AM GMT (09:14 PM EST)

GBP/AUD is down 26 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 1.8051), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 36th for the four-hour candle in terms of price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of GBP/AUD’s 5 day up streak; price ended the day prior down 7 pips (-0.04%) to finish the day at a rate of 1.80494. Relative to other instruments in the Forex asset class, GBP/AUD ranked 32nd the day prior in terms of percentage price change. The price chart of GBP/AUD below illustrates.

GBP/AUD

GBP/AUD Technical Analysis

Coming into today GBP/AUD is now close to its 20 and 50 day averages, located at 1.8016 and 1.8071 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 15 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello all traders GBP/AUD Trade Setup / Analysis Educational —————- Just browsing through my analysis means a lot to me….Please follow the analysis very carefully and every detail of the chart means a lot….And always entry depends on many reasons carefully studiedAlways enter into deals when there are more than 5 reasons combinedKey Technical / Reason’s 1) Strong Support Test2) Volume Profile Confirmation3) Pattern / 2 Channel + Head & shoulder 4) Fibo Golden Test + Break 5) Turn level6) week High + Day High Test Long From 1.80800To Targeting : 1.81500 / 1.82500Main Supply / Demand 1) 1.80500 S2) 1.80500 R