GBP/AUD Price Recap
GBP/AUD is down 77 pips (0.39%) since yesterday (with its current price near 1.97601), marking the 2nd day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 15.06% from the day prior, but up 22.89% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 26th for the day in terms of day-over-day price change. Below is a price chart of GBP/AUD.
GBP/AUD Technical Analysis
The first thing we should note is that GBP/AUD is now close to its 20 and 50 day averages, located at 1.9566 and 1.9308 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 up over that time. Or to simplify this another way, note that out of the past 10 days GBP/AUD’s price has gone down 6 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPAUD, with 7 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.41, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
RSI DIVERGENCE ON THE DAILY CHART. LOOKING TO SELL