GBP/AUD Down 100 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

GBP/AUD 4 Hour Price Update

Updated March 24, 2020 03:21 AM GMT (11:21 PM EST)

GBP/AUD is down 100 pips (0.5%) since the last 4 hour candle (opening the current 4 hour candle near 1.9724), marking the 5th candle in a row a decline has happened. Out of the 36 instruments in the Forex asset class, GBP/AUD ended up ranking 30th for the four-hour candle in terms of price change.

GBP/AUD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

The choppiness in the recent daily price action of GBP/AUD continues; to start today’s post-New York session, it came in at a price of 2.00525, up 65 pips (0.32%) since the prior day’s New York session. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 10% from the day prior, but up 29.08% from the same day the week before. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 17th in terms of percentage change since the prior day’s New York session. Below is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Coming into today the current price of GBP/AUD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Something else of critical noteworthiness is that GBP/AUD’s momentum/trend on a 14 day basis may be decelerating. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBP/AUD’s price has gone up 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 10 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.11, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci 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.

This currency pair is in a daily corrective structure which i’m expecting to break to the downside….The market is currently at the 61.8 Fibonacci retracement line of the impulse leg….I’m expecting a breakout, followed by a sell set-up which will give us a trade to the downside and if that happens I’m expecting the trendline to act as a support.