GBP/AUD Down 66 Pips in Last 4 Hours, Entered Today Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated June 23, 2020 01:08 PM GMT (09:08 AM EST)

GBP/AUD is down 66 pips (0.37%) since the previous 4 hours (opening the current 4 hour candle near 1.7948), marking the 2nd candle in a row a decline has happened. It may be worth observing that GBP/AUD was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD is down 17 pips (0.1%) since the day prior (opening today near 1.80302), marking the 2nd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 35th for the day in terms of price change. The price chart of GBP/AUD below illustrates.

GBP/AUD Technical Analysis

Notably, GBP/AUD is now close to its 20 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 20 day average, which is 158.1 pips away. 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. For additional context, note that price has gone down 7 out of the past 10 days. 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

We’re seeing some traders come out with interesting conviction on GBPAUD, with 15 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸 WEEKLY CHART EXPLANATION: ..🔸 Price broke the Ascending Trendline..🔸 It has potential to make a downside move..🔸 The first target of the movement is the Support Zone..🔸 Will look for a lower timeframe bearish setup. 🔸4H CHART ANALYSIS: https://www.tradingview.com/x/8VTATo2G/