GBP/NZD Down 12 Pips Over Past Hour, 2 Day Up Streak Snapped; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated December 30, 2021 1:44 GMT)

Currently, GBPNZD’s rate is down -12 pips (-0.06%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight down 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)

The choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.97378, down 2 pips (0.01%) since the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that 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. 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 136.1 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 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 14 days GBPNZD’s price has gone up 10 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much commentary on GBPNZD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPNZDThe price will continue to rise until reaching the resistance areaAnd then it starts in a downtrend