GBPNZD Down 9 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Eyes 100 and 200 Day Averages

Hourly Update

(Last Updated April 30, 2021 4:22 GMT)

At the moment, GBPNZD’s rate is down -9 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 8 of the past 10 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, so that price is now turning below them. 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)

The back and forth price flow continues for GBPNZD, which started today off at 1.92527, up 54 pips 0.28% from the previous day. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 10th for the day in terms of price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9411, 1.9397, 1.9197 and 1.9341 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 100 day average, which is 55.8 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

the same biasis untill the major level hit other we can see nzd is weaker more then the aud and other confluence and let them complete all the major price action and near to the supply area then we cans ee long oppertunity