GBPAUD Down 25 Pips Over Past Hour; Came Into Today Down For the 4th Day In A Row

Hourly Update

(Last Updated September 10, 2020 16:16 GMT)

At the time of this writing, GBPAUD’s rate is down -25 pips (-0.14%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPAUD has now gone down 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see downtrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 141 pips (0.78%) since the day prior (opening today near 1.78477), marking the 4th day in a row it has gone down. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 34th for the day in terms of price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20 and 50 day averages, located at 1.8187 and 1.8126 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 50 day average, which is 278.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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 GBPAUD’s price has gone down 9 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 16 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Ascending channel almost 4 years old gives up and bursts it banks? Wedge pattern waiting in the wings to catch any fallen travelers?


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