GBPAUD Down 0 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 24, 2020 0:17 GMT)

Currently, GBPAUD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPAUD is up 8 pips (0.05%) since the previous day (opening today near 1.77482), marking the 2nd straight day it has gone up. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 14th in terms of percentage change since the previous day. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20 and 50 day averages, located at 1.7929 and 1.8063 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone up 5 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 13 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.17, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I’ve shorted this pair not just because of a reverse ascending triangle setup, look at it’s the weekly chart(right), the strong bearish engulfing candle is a piece of bad news for this pair….I’m heading in as a trend trading and a trend following approach….You need to be bold to trade the GBPAUD, I don’t aim for short-term trade or small profits on this pair.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram