GBPAUD Up 2 Pips On Hourly Chart; 2 Day Down Streak Snapped

Hourly Update

(Last Updated September 23, 2020 0:17 GMT)

At the time of this writing, GBPAUD’s rate is up 2 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

The back and forth price flow continues for GBPAUD, which started today off at 1.77399, up 29 pips 0.17% from the previous day. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 18th for the day in terms of price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 18 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 8 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.53, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Lockdown announcement will further affect the British Pound….:)Technicals:GBPAUD has formed a bearish flag and most likely GBP will break the dynamic support and continue the bearish trend in the short-term….Go short from this point and place SL above 1.79000 (risky as it might jump to test the dynamic resistance once again) or wait for a breakout and place a short order there.


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