GBP/NZD Down 0 Pips Over Past Hour, Moves Up For the 2nd Day In A Row; Breaks Above 20 Day Average

Hourly Update

(Last Updated May 10, 2022 1:42 GMT)

At the moment, GBPNZD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists 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 an uptrend on the 20 and 10 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 260 pips (1.35%) since the previous day (opening today near 1.95087), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 9th the previous day in terms of percentage price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed above its 20 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 44.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 2 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

based off technicals do you agree we can get a short term sell here ?