GBP/AUD Up 5 Pips On Hourly Chart; Eyes 50 and 100 Day Averages

Hourly Update

(Last Updated November 12, 2020 1:31 GMT)

At the time of this writing, GBPAUD’s rate is up 0.0005 (0.03%) from the hour prior. This is the 2nd hour in a row GBPAUD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 10 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 20, 50, 100 and 200 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)

GBPAUD entered today at 1.81568, down 53 pips (0.29%) from yesterday. Out of the 40 instruments in the Forex asset class, GBPAUD ended up ranking 33rd for the day in terms of price change. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Coming into today GBPAUD is now close to its 20, 50 and 100 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 100 day average, which is 62 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 21 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.81, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Waiting for a break of the positive falling wedge