GBP/AUD Price Recap
GBP/AUD is up 18 pips (0.09%) since yesterday (with its current price near 1.94211), marking the 2nd day in a row an increase has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 37.29% from the day before — and down 40.6% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/AUD ranked 12th yesterday in terms of percentage price change. The price chart of GBP/AUD below illustrates.
GBP/AUD Technical Analysis
The first thing we should note is that GBP/AUD is now close to its 20 and 50 day averages, located at 1.9288 and 1.9106 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBP/AUD’s price has gone up 7 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPAUD, with 12 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Set up: Confluence of a daily high zone with H4 50% Fibonacci level signalling possible reversal as the RSI levels are in the overbought areas.A series of news releases on the 17th and the 18th may bring volatility to the pair and push the prices down….Trade: Entry potential at convulsion of the D1 resistance area (green dash line), keltner median channel line and the 50% fib level with SL at a few pips above last week high….Short term TP is set at lower channel area (~1.916 area) and long term TP is set at D1 support (1.906 area)