GBPAUD slips to lowest close since October 9, 2019
British Pound/Australian Dollar (GBPAUD) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, GBPAUD finished Monday at 1.8373 tanking 143 pips (-0.77%). Today's close at 1.8373 marks the lowest recorded closing price since October 9, 2019. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 1.8461, the currency confirmed its breakout through the previous session low after trading up to 118 pips below it intraday.
Daily Candlestick Chart (GBPAUD as at Jun 01, 2020):
Monday's trading range has been 211 pips (1.14%), that's above the last trading month's daily average range of 160 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GBPAUD.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on May 26th, GBPAUD lost -0.17% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Down Move" stand out. Its common bearish interpretation has been confirmed for GBP/AUD. Out of 194 times, GBPAUD closed lower 52.06% of the time on the next trading day after the market condition occurred.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are AUDUSD gaining 1.93% and NZDUSD closing 1.43% higher. On the flipside the worst performers have been USDCAD closing -1.43% lower and USDJPY losing -0.21%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been AUDHKD surging 1.93% and AUDCHF closing 1.9% higher. The worst performers of the day have been EURAUD tanking -1.65% and USDPLN closing -1.36% lower. Read more