(Last Updated September 22, 2020 0:17 GMT)
At the time of this writing, GBPAUD’s rate is up 2 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 50 hour changed directions on GBPAUD; it is now pointing up. 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 30 pips (0.17%) since the day prior (opening today near 1.77106), marking the 2nd straight day it has gone down. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 22nd for the day in terms of price change. Below is a price chart of GBPAUD.
GBPAUD Technical Analysis
Coming into today GBPAUD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone down 7 them.
The View From Around the Web
Of note is that traders in aggregate have opinions 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 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.
GBPAUD has bounced off of weekly up trend line (strong support area). See past GBPAUD. Signal up 300 pips.Look to reenter when price nears up trend line. 1.7680Take profit at top of channel. 1.7820Good luck!Charles VCVFX ManagementTrading made Simple