GBP/AUD Up 8 Pips On Hourly Chart, Breaks Above 50 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 22, 2022 1:43 GMT)

At the moment, GBPAUD’s rate is up 8 pips (0.04%) from the hour prior. GBPAUD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of GBPAUD continues; to start today, it came in at a price of 1.76243, up 38 pips (0.21%) since the previous day. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

First things first: GBPAUD crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 90 day timeframes. Or to simplify this another way, note that out of the past 14 days GBPAUD’s price has gone up 9 them. 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

We’re seeing some traders come out with interesting conviction on GBPAUD, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Nice BOS after price ran into a strong swap zone.We await retrace to nice POI for a decent sell.POI can be further refined depending on trader and patience level