GBP/AUD Up 17 Pips Over Past Hour, Breaks Below 50 Day Average; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated May 12, 2022 1:41 GMT)

Currently, GBPAUD’s rate is up 17 pips (0.09%) 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 50 hour timeframe. 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, which opened today priced near 1.76417, is down 106 pips 0.6% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 34th for the day in terms of price change. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPAUD’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 2 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BEARISH, https://www.tradingview.com/chart/XQ6F6X8a/ waiting for the 15min order block then we milk