GBP/AUD Up 27 Pips Over Past 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated May 21, 2020 12:46 AM GMT (08:46 PM EST)

GBP/AUD, which opened the current 4 hour candle priced near 1.8563, is up 27 pips 0.15% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 4 four-hour candle negative run. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 2nd for the four-hour candle in terms of price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/AUD, which started today off at 1.85671, up 29 pips 0.16% from the previous day. Relative to other instruments in the Forex asset class, GBP/AUD ranked 3rd the previous day in terms of percentage price change. Here is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Coming into today 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 440.7 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 up 5 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 20 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 2, 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.

Buy now !!!Hi dear traders Pair is on a strong support and stochastic come to make bullish!!