GBP/AUD Up 23 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 5 Day Up Streak Broken

Hourly Update

(Last Updated August 4, 2022 1:43 GMT)

At the time of this writing, GBPAUD’s rate is up 23 pips (0.13%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPAUD has now gone down 8 of the past 10 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 downtrend 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)

A moment of silence, please, for the end of GBPAUD’s 5 day up streak; price ended the previous day down 112 pips (-0.64%) to finish the day at a rate of 1.74862. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 37th for the day in terms of price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPAUD crossed below its 50 and 100 day moving averages yesterday. 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 up 8 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPAUD; just 0 sell signals and 3 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Trend analysis- Higer High have broken, confirmation price will uptrend- Buy at Strong Demand BaseLet’s see…Give your Stop Loss with good money management AT CORRELATION PAIR