GBPAUD Up 2 Pips in Last Hour, 4 Day Up Streak Broken; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 7, 2020 15:16 GMT)

Currently, GBPAUD’s rate is up 2 pips (0.01%) from the hour prior. This is the 2nd straight hour GBPAUD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPAUD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

After 4 up days, GBPAUD snaps its streak, falling 23 pips (-0.13%) over the past day to close at an exchange rate of 1.82298. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 26th for the day in terms of price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 0.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 19 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 3.17, 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 that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram