Hourly Update

(Last Updated December 6, 2022 1:42 GMT)

At the moment, GBPAUD’s rate is down -27 pips (-0.15%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Gbpaud has now gone up 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

GBPAUD is up 104 pips (0.57%) since the previous day (opening today near 1.81917), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPAUD.

GBPAUD Technical Analysis

The first thing we should note is that GBPAUD is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 367.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Nice, inverted head and shoulder pattern. Wave 5 has already started to complete its impulse wave. Put my limit order on the neckline

The post GBP/AUD Down 27 Pips in Last Hour, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling appeared first on CFDTrading.