GBP/AUD Up 131 Pips; in an Uptrend Over Past 14 Days

GBP/AUD Price Recap

GBP/AUD enters today at 1.94738 in US dollars, up 131 pips (0.68%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 30.66% from the day prior, and up 1.69% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/AUD ranked 4th yesterday in terms of percentage 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. Related to the moving average crossover is that GBP/AUD’s momentum/trend on a 30 day basis may be decelerating. 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 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days GBP/AUD’s price has gone down 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 15 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. 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.

The price is near the resistance zone, it has already made a false break but now it has returned to the trendline and bounced, so we are expecting it to continue the upward momentum.Remember to check RSI and MACD for further confirmationComment your thoughts!