GBP/NZD Down 14 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 2, 2022 1:41 GMT)

At the time of this writing, GBPNZD’s rate is down -14 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 81 pips (0.41%) since the previous day (opening today near 1.9648), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9836, 1.9427, 1.9365 and 1.9439 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 187.6 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi again.I see a reversal for GBPNZD pointing at the Point of control, especially if it breaks the support.