GBP/AUD Down 18 Pips On 4 Hour Chart, 2 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated May 18, 2020 05:07 PM GMT (01:07 PM EST)

GBP/AUD is down 18 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 1.8752), marking the 7th candle in a row a decline has happened. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 28th in terms of percentage change since the last 4 hour candle.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD entered today at 1.88691, up 6 pips (0.03%) from yesterday. Relative to other instruments in the Forex asset class, GBP/AUD ranked 18th yesterday in terms of percentage price change. Let’s take a look at price chart of GBP/AUD.

GBP/AUD Technical Analysis

Coming into today the current price of GBP/AUD is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 263.2 pips away. 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 14 days GBP/AUD’s price has gone down 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 11 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.83, 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.

Time = 4H– Structure = Downtrend– Pattern = Downtrend Channel– Tendency = Downtrend– EMA 50 day above prices offering RESISTANCE @ 1.9000GOOD LUCK———————–DISCLAIMER: This is NOT an Investment Signal, Trade at your Own Risk.