GBP/NZD Down 19 Pips Over Past Hour, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 5, 2022 1:43 GMT)

At the moment, GBPNZD’s rate is down -19 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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)

The back and forth price flow continues for GBPNZD, which started today off at 1.98517, down 9 pips 0.04% from yesterday. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 23rd for the day in terms of price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 203.6 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 up. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 20 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.