GBP/AUD Down 9 Pips On Hourly Chart, Outperforms All Forex; is Inching Close to 50 and 100 Day Averages

Hourly Update

(Last Updated October 5, 2020 16:25 GMT)

Currently, GBPAUD’s rate is down -0.0009 (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.80499, up 123 pips (0.69%) since yesterday. GBPAUD outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20, 50 and 100 day averages, located at 1.787, 1.8078 and 1.813 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 20 buy signals on our radar and 14 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 fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Our previous GBPAUD analysis went as predicted with a nice rejection off the level we predicted it to be….GBPAUD managed to reject off an important resistance level @1.8125 price level….As of where GBPAUD could potentially move towards 1.7710 support level and potentially testing 78.6 fib level.