GBP/AUD Up 73 Pips; in an Uptrend Over Past 14 Days

GBP/AUD Price Recap

GBP/AUD is up 73 pips (0.37%) since yesterday (with its current price near 1.95464), marking the 2nd day in a row an upward move has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 5.75% from the day before — and down 0.26% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/AUD ranked 5th yesterday in terms of percentage price change. Below is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Coming into today GBP/AUD is now close to its 20 and 50 day averages, located at 1.9371 and 1.9125 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 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 12 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Here’s what we have…- Daily shows an overall Bull – 4HR we see a trendline being respected as HL’s- 1Hr and 30min we see a minor broken support turn into resistance- We wait to initial Trade next week