GBP/AUD Up 8 Pips On 4 Hour Chart, 2 Day Up Streak Snapped; Price Base in Formation Over Past 14 Days

GBP/AUD 4 Hour Price Update

Updated March 27, 2020 09:11 PM GMT (05:11 PM EST)

The choppiness in the recent four-hour candle price action of GBP/AUD continues; to start the current 4 hour candle, it came in at a price of 2.0172, up 8 pips (0.04%) since the previous 4 hours. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 28th in terms of percentage change since the previous 4 hours.

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 2.0105, down 16 pips (0.08%) since yesterday. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 25th for the day in terms of price change. Let’s take a look at price chart of GBP/AUD.

GBP/AUD Technical Analysis

Notably, the current price of GBP/AUD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days GBP/AUD’s price has gone up 8 them. 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 10 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Trading suggestion: ….There is still a possibility of temporary retracement to suggested resistance line (2.0204)….if so, traders can set orders based on Price Action and expect to reach short-term targets.