GBP/AUD Up 14 Pips Over Past Hour, Came Into Today Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 7, 2022 1:43 GMT)

At the time of this writing, GBPAUD’s rate is up 14 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see an uptrend on the 20 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 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)

GBPAUD is up 101 pips (0.58%) since the previous day (opening today near 1.74227), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, GBPAUD ranked 17th the previous day in terms of percentage price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20 and 50 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 50 day average, which is 159.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPAUD; just 3 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hey traders, in today’s trading session we are monitoring GBPAUD for a selling opportunity around 1.74 zone, once we will receive any bearish confirmation the trade will be executed.Trade safe, Joe.