GBP/AUD Currency Pair Forecast
Green day on Friday for GBP/AUD
(Updated on May 31, 2024)
The GBP/AUD currency pair price gained 0.0595% on the last trading day (Friday, 31st May 2024), rising from A$1.92 to A$1.92. During the last trading day the currency pair fluctuated 0.86% from a day low at A$1.91 to a day high of A$1.92. The price has risen in 6 of the last 10 days and is up by 0.75% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 194 thousand more shares were traded than the day before. In total, 194 thousand shares were bought and sold for approximately A$372.89 thousand.
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at A$1.92 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect GBP/AUD currency pair with a 90% probability to be traded between A$1.84 and A$1.88 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GBPAUD Signals & Forecast
The GBP/AUD currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately A$1.92. On a fall, the currency pair will find some support from the long-term average at approximately A$1.91. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). GBP/AUD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -0.326%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for GBP/AUD currency pair
GBP/AUD finds support from accumulated volume at A$1.91 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved A$0.0165 between high and low, or 0.86%. For the last week the currency pair has had daily average volatility of 0.335%.
Our recommended stop-loss: A$1.85 (-3.66%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (GBPAUD) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect GBP/AUD to open at A$1.92, and during the day (based on 14 day Average True Range), to move between A$1.91 and A$1.92, which gives a possible trading interval of +/-A$0.0075 (+/-0.39%) up or down from last closing price. If GBP/AUD takes out the full calculated possible swing range there will be an estimated 0.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at A$1.92 (0.14%) than the support at A$1.91 (0.24%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is GBP/AUD currency pair A Buy?
GBP/AUD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.462 Hold/Accumulate Unchanged
Predicted Opening Price for GBP/AUD of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| A$1.92 ( 0.0753%) | A$1.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GBPAUD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.93 | 0.785 % | |
| R2 | 1.93 | 0.456 % | ||
| R1 | 1.92 | 0.253 % | ||
| Current price: | 1.92 | |||
| Support | S1 | 1.91 | -0.404 % | |
| S2 | 1.91 | -0.607 % | ||
| S3 | 1.90 | -0.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.94 | 1.24 % | |
| R2 | 1.93 | 0.534 % | ||
| R1 | 1.92 | 0.137 % | ||
| Current price | 1.92 | |||
| Support | S1 | 1.91 | -0.245% | |
| S2 | 1.91 | -0.306% | ||
| S3 | 1.90 | -1.00% |
FAQ
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