GBP/AUD Down 2 Pips Over Past 4 Hours, Came Into Today Up For the 2nd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated May 12, 2020 12:52 AM GMT (08:52 PM EST)

GBP/AUD is down 2 pips (0.01%) since the last 4 hour candle (opening the current 4 hour candle near 1.9015), marking the 2nd candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 19th for the four-hour candle in terms of price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD is up 22 pips (0.12%) since the day prior (opening today near 1.90229), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 6th in terms of percentage change since the day prior. Below is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Notably, GBP/AUD is now close to its 20 and 200 day averages, located at 1.926 and 1.9183 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 160.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. 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 doji and pin bar patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 24 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Expecting price to touch trendline before heading bearish to next support zone