GBP/AUD Down 24 Pips Over Past Hour; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated June 16, 2022 1:41 GMT)

At the time of this writing, GBPAUD’s rate is down -24 pips (-0.14%) 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 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 20 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 choppiness in price, as the 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 78 pips (0.45%) since yesterday (opening today near 1.73655), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPAUD ranked 25th yesterday in terms of percentage price change. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that the current price of GBPAUD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPAUD; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I am looking for a possible sell opportunity if GBP/AUD can get up into this area within the new york session. Looking for bearish confirmation once price has arrived. I will not be going into the technical reasons for the trade.