GBPAUD Down 2 Pips On Hourly Chart, Came Into Today Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 17, 2020 23:16 GMT)

Currently, GBPAUD’s rate is down -2 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 up 28 pips (0.16%) since the day prior (opening today near 1.76509), marking the 2nd straight day it has gone up. Relative to other instruments in the Forex asset class, GBPAUD ranked 13th the day prior in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20 and 50 day averages, located at 1.8063 and 1.8097 respectively, and thus may be at a key juncture along those timeframes. 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 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 12 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.5, 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 sell-off is taking the shape of Elliot Wave impulse pattern, labelled i-ii-iii-iv-v….Price is currently in wave iv, which unfolded as a w-x-y double zigzag pattern….If this wave count is correct, price is expected to trade below wave iii low in wave v.


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