GBPNZD Up 2 Pips Over Past Hour, 2 Day Down Streak Broken; Eyes 20 Day Average

Hourly Update

(Last Updated April 8, 2021 3:21 GMT)

At the time of this writing, 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD entered today at 1.95972, up 8 pips (0.04%) from the previous day. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 17th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9551, 1.9325, 1.9151 and 1.9326 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 20 day average, which is 46.3 pips away. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone up 5 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 7 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.88, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Expecting Gbpnzd to continue dropping after price fell out of the rectangle zone.