GBP/NZD Down 0 Pips On Hourly Chart, Social Sentiment Biased Towards Selling; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 23, 2022 1:41 GMT)

At the moment, GBPNZD’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 down 8 pips (0.04%) since yesterday (opening today near 1.9249), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 25th for the day in terms of price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9076, 1.9146, 1.9286 and 1.9466 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi Traders according to my technical analysis market will sell from 1.95300 To 1.97000. This is the sell zone area and stoploss is 2.00000 and TP is 1.88000. But remembered this is just a market idea it’s not 100%. So please take entry on your own risk and must use stoploss. Thank you