GBP/AUD Down 3 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days
As for the rationale, technical traders seem to be citing the appearance of double top, flag and gartley technical patterns.
GBPAUD
(Last Updated September 18, 2020)
Welcome to the news page for GBPAUD (GBPAUD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On GBPAUD, there is currently a downtrend on the 90, 30 and 14 day timeframes.
GBPAUD Moving Averages
GBPAUD’s moving averages suggest the trend on a number of time horizons is bearish.
The chart below illustrates.
As for assets in the Forex asset class GBPAUD has been correlated to over the past week, it has demonstrated the strongest correlation with GBPNZD. Over the past 14 days, however, the asset showing the strongest correlation to GBPAUD is EURGBP. Alternatively, NZDJPY has been the asset least correlated with GBPAUD — but over the past two weeks, the asset least correlated with GBPAUD has been USDHKD. The chart below illustrates GBPAUD against its least correlated assets.
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The View From the Weekly Timeframe
Currently, GBPAUD’s rate is up 0.018 (1.03%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows GBPAUD’s price action over the past year.
GBPAUD Down 8 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days
This imputes a buy/sell ratio of 0.57, which is bearish.
GBPAUD Up 7 Pips Over Past Hour, 3 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 30 days gbpaud’s price has gone down 17 them.
GBPAUD Down 2 Pips On Hourly Chart, Came Into Today Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
GBPAUD Up 2 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
Price is currently in wave iv, which unfolded as a w-x-y double zigzag pattern….
GBPAUD Down 0 Pips On Hourly Chart, Moves Down For the 6th Straight Day; in a Downtrend Over Past 14 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
GBPAUD Down 2 Pips Over Past Hour; Moves Down For the 6th Day In A Row
The closest is the 50 day average, which is 550.9 pips away.
GBPAUD Up 15 Pips Over Past Hour; Moves Down For the 4th Straight Day
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
GBPAUD Down 25 Pips Over Past Hour; Came Into Today Down For the 4th Day In A Row
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.
GBPAUD Up 50 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; Breaks Below 20 and 50 Day Averages
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.