AUDGBP closes within previous day's range after lackluster session
Australian Dollar/British Pound (AUDGBP) Technical Analysis Report for Jul 08, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AUDGBP ended Wednesday at 0.5536 edging lower 2 pips (-0.04%) on low volume. Trading up to 11 pips lower after the open, the currency managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AUDGBP as at Jul 08, 2020):
Wednesday's trading range has been 22 pips (0.4%), that's far below the last trading month's daily average range of 48 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AUDGBP.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 17th, AUDGBP gained 0.60% on the following trading day.
After trading as low as 0.5523 during the day, the FX pair found support at the 20-day moving average at 0.5530.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for AUD/GBP. Out of 233 times, AUDGBP closed higher 53.65% of the time on the next trading day after the market condition occurred.