GBP/AUD 4 Hour Price Update
Updated July 24, 2020 01:06 PM GMT (09:06 AM EST)
GBP/AUD is up 19 pips (0.11%) since the previous 4 hours (opening the current 4 hour candle near 1.8), marking the 3rd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/AUD ranked 5th the previous 4 hours in terms of percentage price change.
GBP/AUD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBP/AUD continues; to start today, it came in at a price of 1.79296, down 20 pips (0.11%) since the day prior. Relative to other instruments in the Forex asset class, GBP/AUD ranked 39th the day prior in terms of percentage price change. Here is a price chart of GBP/AUD.
GBP/AUD Technical Analysis
Coming into today GBP/AUD is now close to its 20 and 50 day averages, located at 1.7999 and 1.8106 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPAUD, with 4 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
We see a nice retracement to 78.6% fib level. nice continuation to downside