GBPNZD Up 6 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 22, 2021 3:21 GMT)

At the time of this writing, GBPNZD’s rate is up 6 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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 down 5 pips (0.03%) since yesterday (opening today near 1.96961), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 22nd in terms of percentage change since yesterday. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, the current price of GBPNZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.