At the time of this writing, GBPNZD’s rate is up 4 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPNZD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on GBPNZD; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPNZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPNZD is down 82 pips (0.41%) since yesterday (opening today near 1.97112), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. Here is a price chart of GBPNZD.
GBPNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed below its 100 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 100 day average, which is 62.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 19 out of the past 30 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPNZD, with 9 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci, relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
the direction of price movement is trading downwards, we see a pattern of lower highs and lower lows being formed. price has respected our fib region, broken the trendline and retested, therefore we could expect further downside to targeted regions.risk/reward ratio 1:2