(Last Updated September 11, 2020 16:16 GMT)
At the time of this writing, GBPAUD’s rate is up 15 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPAUD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPAUD is down 141 pips (0.78%) since yesterday (opening today near 1.78477), marking the 4th straight day it has gone down. Relative to other instruments in the Forex asset class, GBPAUD ranked 34th yesterday in terms of percentage price change. Below is a price chart of 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. 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 50 day average, which is 278.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone down 6 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPAUD, with 12 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Ascending channel almost 4 years old gives up and bursts it banks? Wedge pattern waiting in the wings to catch any fallen travelers?