(Last Updated January 13, 2021 2:20 GMT)
At the moment, GBPAUD’s rate is up 19 pips (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 200 hour moving averages, resulting in them with price now being above them. 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)
GBPAUD is up 21 pips (0.12%) since the day prior (opening today near 1.75756), marking the 4th straight day an increase has occurred. Relative to other instruments in the Forex asset class, GBPAUD ranked 18th the day prior in terms of percentage price change. The price chart of GBPAUD below illustrates.
GBPAUD Technical Analysis
Notably, GBPAUD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPAUD, with 10 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.43, which is bullish. 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 tradingview.com; below is a short snippet from it to give you a taste.
GBPAUD has been on a consecutive bull run since Monday.Looking at the 4h candle stick formations we could see a possible reversal now along with the daily following a strong bearish trend we could see 1.74000-73 touched by the end of this week. fingers crossed trade safe guys.