GBP/AUD Up 16 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Nears 20 and 50 Day Moving Averages

GBP/AUD 4 Hour Price Update

Updated July 30, 2020 01:08 AM GMT (09:08 PM EST)

The choppiness in the recent four-hour candle price action of GBP/AUD continues; to start the current 4 hour candle, it came in at a price of 1.8098, up 16 pips (0.09%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 5th 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 10 pips (0.05%) since the day prior (opening today near 1.809), marking the 7th day in a row an increase has occurred. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 17th in terms of percentage change since the day prior. Here is a price chart of GBP/AUD.

GBP/AUD

GBP/AUD Technical Analysis

Notably, GBP/AUD is now close to its 20 and 50 day averages, located at 1.8019 and 1.8069 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBP/AUD’s price has gone up 19 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 21 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.62, 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 at the bottom of weekly channel great opportunity to buy….Bottom of weekly channel holding as support….Bullish King’s Crown formation5.