GBP/AUD Up 14 Pips Over Past Hour, Entered Today Up For the 3rd Day In A Row; Sentiment Suggests Sellers in Charge

Hourly Update

(Last Updated June 8, 2022 1:41 GMT)

At the moment, GBPAUD’s rate is up 14 pips (0.08%) from the hour prior. The hourly chart shows that GBPAUD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 2 pips (0.01%) since the day prior (opening today near 1.74248), marking the 3rd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Coming into today the current price of GBPAUD 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. 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 157.6 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 1 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.12, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– Possible bullish pullback price movement towards the resistance 1.76000 within the next period.