GBP/AUD Down 92 Pips; Nears 20 Day Moving Average

GBP/AUD Price Recap

The back and forth price flow continues for GBP/AUD, which starts today off at 1.93432 US dollars, down 92 pips 0.47% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 1.93% from the day prior, but down 30.12% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/AUD ranked 34th yesterday in terms of percentage price change. The price chart of GBP/AUD below illustrates.

GBP/AUD Technical Analysis

Notably, GBP/AUD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Volatility for GBP/AUD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBP/AUD’s price has gone up 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 10 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, flag 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.

GBPAUD short on break of the trendline