GBPNZD Up 7 Pips in Last Hour, Moves Down For the 2nd Straight Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated September 22, 2020 0:17 GMT)

Currently, GBPNZD’s rate is up 7 pips (0.04%) from the hour prior. GBPNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 down 97 pips (0.5%) since the previous day (opening today near 1.91047), marking the 2nd straight day a decline has happened. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 36th for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that GBPNZD is now close to its 20 and 50 day averages, located at 1.9583 and 1.9585 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down 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 down 11 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 12 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

01. Overall picture – Up trending on Monthly TF02. GBPNZD is moving in an Uptrend by forming higher highs, higher lows in the weekly time frame chart.03. Pending double bottom confirmation on daily TF04. Pending Trendline Breakout on 4 HTF


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