GBPNZD Up 1 Pips Over Past Hour, Breaks Below 50 Day Average; Price Base in Formation Over Past 14 and 30 Days

Hourly Update

(Last Updated July 19, 2021 3:28 GMT)

At the time of this writing, GBPNZD’s rate is up 1 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 1.9651, down 89 pips (0.45%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 38th for the day in terms of price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on the 14 and 30 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.