GBPNZD Down 7 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:19 GMT)

At the moment, GBPNZD’s rate is down -7 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 entered today at 1.94024, up 210 pips (1.09%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 4th yesterday in terms of percentage 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, 50, 100 and 200 day averages, located at 1.9502, 1.9469, 1.9499 and 1.9866 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 66.1 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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 10 days GBPNZD’s price has gone up 5 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 14 day