GBP/NZD Down 9 Pips in Last 4 Hours, 2 Day Down Streak Ended; in a Downtrend Over Past 14 Days

GBP/NZD 4 Hour Price Update

Updated June 29, 2020 09:08 PM GMT (05:08 PM EST)

The choppiness in the recent four-hour candle price action of GBP/NZD continues; to start the current 4 hour candle, it came in at a price of 1.9146, down 9 pips (0.05%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/NZD ranked 26th the last 4 hour candle in terms of percentage price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/NZD, which started today off at 1.9208, up 10 pips 0.05% from the previous day. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 11th for the day in terms of price change. The price chart of GBP/NZD below illustrates.

GBP/NZD Technical Analysis

The first thing we should note is that GBP/NZD is now close to its 20 day averages, located at 1.9384 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 176 pips away. Volatility for GBP/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 10 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.11, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and divergence technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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