GBPAUD Up 4 Pips in Last Hour, Entered Today Up For the 3rd Consecutive Day; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated September 4, 2020 9:51 GMT)

Currently, GBPAUD’s rate is up 4 pips (0.02%) from the hour prior. GBPAUD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPAUD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 45 pips (0.25%) since yesterday (opening today near 1.81918), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50 and 100 day averages, located at 1.8224, 1.8116 and 1.8426 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 32.5 pips away. The clearest trend exists on the 90 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 up 17 them.

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 19 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and wedge technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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