GBP/AUD Price Recap
The back and forth price flow continues for GBP/AUD, which starts today off at 1.94348 US dollars, up 66 pips 0.34% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 62.08% from the day prior, but down 30.83% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 8th for the day in terms of day-over-day price change. Below is a price chart of GBP/AUD.
GBP/AUD Technical Analysis
Notably, GBP/AUD is now close to its 20 and 50 day averages, located at 1.9328 and 1.9113 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBP/AUD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days.
A final note on correlations: over the past week, the currency pair bearing the strongest correlation to GBP/AUD has been GBP/NZD — not terribly surprising, given that GBP is in both currency pairs. As for pairs with the least correlation, that belongs to CHF/JPY over the past 7 days, but EUR/CHF over a two week period.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPAUD, with 11 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.73, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a gartley technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GBPAUD has developed a nice rising wedge and will probably finish it with a spike above the wedge and then fall back.