GBPAUD Up 2 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 16, 2020 23:17 GMT)

Currently, GBPAUD’s rate is up 2 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 is up 28 pips (0.16%) since the previous day (opening today near 1.76509), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 13th in terms of percentage change since the previous day. The price chart of GBPAUD below illustrates.

GBPAUD

GBPAUD Technical Analysis

The first thing we should note is that 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 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

Of note is that traders in aggregate have opinions on GBPAUD, with 23 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 3.83, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPAUD sell-off is taking the shape of Elliot Wave impulse pattern, labelled i-ii-iii-iv-v….Price is currently in wave iv, which unfolded as a w-x-y double zigzag pattern….If this wave count is correct, price is expected to trade below wave iii low in wave v.


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