GBP/AUD Up 34 Pips, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/AUD Price Recap

GBP/AUD is up 34 pips (0.17%) since yesterday (with its current price near 2.01207), marking the 3rd day in a row it has gone up. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 0.52% from the day prior, and up 23.26% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/AUD ranked 17th yesterday in terms of percentage price change. Let’s take a look at price chart of GBP/AUD.

GBP/AUD Technical Analysis

Coming into today the current price of GBP/AUD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 4 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. 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.

Looking for a break of the trendline to drop down