GBP/NZD Down 1 Pips in Last Hour, Moves Up For the 3rd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 16, 2021 1:48 GMT)

Currently, GBPNZD’s rate is down 1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 4 of the past 5 hours. 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 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 1 pips (0.01%) since the day prior (opening today near 1.90452), marking the 3rd straight day it has gone up. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 19th 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 and 200 day moving averages, which may act as price barrier for the asset. 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 56.9 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. Volatility for GBPNZD 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 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.