(Last Updated January 12, 2021 2:21 GMT)
At the time of this writing, GBPNZD’s rate is down -2 pips (-0.01%) from the hour prior. The hourly chart shows that GBPNZD has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 20 and 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 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)
GBPNZD is up 135 pips (0.72%) since the day prior (opening today near 1.8865), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 8th for the day in terms of price change. The price chart of GBPNZD below illustrates.
GBPNZD Technical Analysis
Notably, GBPNZD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone up 9 them.