GBPNZD Up 5 Pips Over Past Hour, Moves Down For the 6th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 15, 2020 23:17 GMT)

At the time of this writing, GBPNZD’s rate is up 5 pips (0.03%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is down 69 pips (0.36%) since the previous day (opening today near 1.91797), marking the 6th day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 35th for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 50 day averages, located at 1.9582 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 50 day average, which is 402.5 pips away. 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. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 16 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

break and retest of the trendline below would result in short posiotions….take profit one if breached take half positions out put stop loss to break even and let the rest ride to the final destination….if this fulfills we could be looking for shorts around 1.9325


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram