GBP/AUD Down 39 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Crosses 200 Day Moving Average

Hourly Update

(Last Updated November 7, 2022 1:39 GMT)

At the moment, GBPAUD’s rate is down -39 pips (-0.22%) 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 20 hour timeframe. 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 171 pips (0.96%) since the day prior (opening today near 1.75811), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. Here is a price chart of GBPAUD.


GBPAUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPAUD crossed below its 200 day moving average yesterday. 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 200 day average, which is 75.4 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for GBPAUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Big sell opportunity on GA. Just waiting for the retest and enter the trade. We could possibly see GA going over (300+ & 600+) pips. Price’s I’m aiming for are 1.74000 / 1.70000. If price breaks under 1.70000 then we could see price all the way going to 1.65000.