GBP/NZD Down 33 Pips in Last 4 Hours, 5 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

GBP/NZD 4 Hour Price Update

Updated July 29, 2020 01:14 AM GMT (09:14 PM EST)

GBP/NZD is down 33 pips (0.17%) since the last 4 hour candle (opening the current 4 hour candle near 1.9404), marking the 2nd candle in a row a decline has happened. It may be worth observing that GBP/NZD was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of GBP/NZD’s 5 day up streak; price ended yesterday down 9 pips (-0.05%) to finish the day at a rate of 1.9404. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 36th for the day in terms of price change. Let’s take a look at price chart of GBP/NZD.

GBP/NZD

GBP/NZD Technical Analysis

Coming into today the current price of GBP/NZD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. For additional context, note that price has gone up 17 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 8 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.89, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Welcome to my analysis on GBPNZDIf we look back on the DAILY time frame, we can see price was greatly manipulated up to the 2.17500 level, followed my a steady bear run down to 1.90 (3 pips off)The double boom at this level suggests this is a solid support zone….I believe bears are exhausted and bulls are now in control….Following today’s bull rally, I expect price to come back down to our 50% FIB Level, before further rising to 2.0000.