GBPNZD Up 2 Pips On Hourly Chart, 2 Day Down Streak Snapped; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated September 23, 2020 0:17 GMT)

At the moment, GBPNZD’s rate is up 2 pips (0.01%) from the hour prior. GBPNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 1.9217, up 112 pips (0.59%) from the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 9th in terms of percentage change since the day prior. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50 and 100 day averages, located at 1.9544, 1.9586 and 1.9616 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 down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 7 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 9 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4.5, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram