GBP/NZD Down 11 Pips Over Past Hour, in an Uptrend Over Past 30 Days; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated April 29, 2022 1:44 GMT)

At the time of this writing, GBPNZD’s rate is down -11 pips (-0.06%) from the hour prior. GBPNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 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 30 pips (0.16%) since the previous day (opening today near 1.92031), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 18th the previous day in terms of percentage price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 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 65.7 pips away. The clearest trend exists on the 90 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 30 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.