GBPAUD Down 0 Pips On Hourly Chart, Moves Down For the 6th Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 15, 2020 23:17 GMT)

At the moment, GBPAUD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 20 hour changed directions on GBPAUD; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 straight day a decline has happened. Relative to other instruments in the Forex asset class, GBPAUD ranked 37th the day prior in terms of percentage price change. Below is a 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 14 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.27, which is bullish. 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.

Repost**Evening Traders,Second Analysis – GBPAUD – Strong impulse sells likely to lead to an oversold bounce play, following technical points to consider,- Trend aggressive sells- Weekly S/R HTF Support- .618 Fibonacci (lower high)- RSI oversold- Stochastics flat- No volume climaxGBPAUD is respecting its weekly S/R in the immediate term….The RSI and Stochastics are both approaching oversold conditions, this is indicative of an oversold bounce coming to fruition….Cautious approach is to be taken when trading the oversold bounce.


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