GBP/AUD Down 46 Pips in Last 4 Hours, Entered Today Up For the 3rd Day In A Row; in a Downtrend Over Past 90 Days

GBP/AUD 4 Hour Price Update

Updated July 27, 2020 09:09 PM GMT (05:09 PM EST)

After 3 up four-hour candles, GBP/AUD snaps its streak, falling 46 pips (-0.25%) over the past four-hour candle to close at an exchange rate of 1.8016. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 35th for the four-hour candle in terms of price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD is up 3 pips (0.02%) since yesterday (opening today near 1.80007), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 24th for the day in terms of price change. Here is a price chart of GBP/AUD.

GBP/AUD

GBP/AUD Technical Analysis

Notably, GBP/AUD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 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 22 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 1.16, 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.

I’m gonna watch the behavior to make a decision for buy or sell. We should wait for the trend, resistance line and the channel to be broken and the price to enter will be above the EMA 200. Or there will be a short sell with a small TP.