GBP/AUD Down 20 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 13, 2020 1:31 GMT)

At the time of this writing, GBPAUD’s rate is down -0.002 (-0.11%) 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 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 20 hour moving averages, resulting in them so that price is now turning below them. 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 31 pips (0.17%) since the day prior (opening today near 1.81254), marking the 2nd day in a row a decline has happened. 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

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50 and 100 day averages, located at 1.8253, 1.8071 and 1.8096 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 100 day average, which is 29.7 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 7 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 9 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. 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.

Price has been using 20MA as dynamic resistance on its downward path….Price is at fib level of move AB….This fib level confluences with 20 and 200MA, acting as resistance.