GBPNZD Down 6 Pips in Last Hour, Crosses 200 Day Moving Average; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2021 12:20 GMT)

At the time of this writing, GBPNZD’s rate is down -6 pips (-0.03%) from the hour prior. This is the 3rd consecutive hour GBPNZD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPNZD. Given that we see downtrend on the 20 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.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is up 28 pips (0.14%) since yesterday (opening today near 1.94154), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 20th yesterday in terms of percentage price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed above its 200 day moving average yesterday. 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 200 day average, which is 3.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPNZD long ideawait for break out and testing support area with price action