GBPAUD Up 7 Pips Over Past Hour, 3 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 18, 2020 23:16 GMT)

Currently, GBPAUD’s rate is up 7 pips (0.04%) from the hour prior. The hourly chart shows that GBPAUD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 50 hour changed directions on GBPAUD; it is now pointing down. 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)

After 3 up days, GBPAUD snaps its streak, falling 6 pips (-0.03%) over the past day to close at an exchange rate of 1.77406. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

Notably, the current price of GBPAUD is sitting close to its 20 and 50 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 down over that time. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone down 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 12 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.71, which is bullish. 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.

Hello, I am looking for confirmation to enter this trade due to the confluence embellished in the technical analysis above….Please execute with your due diligence….Thanks, Trade Wisely


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram