GBPNZD Up 54 Pips in Last Hour, Moves Up For the 2nd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated October 6, 2020 15:17 GMT)

Currently, GBPNZD’s rate is up 54 pips (0.28%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them with price now being above it. 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 up 46 pips (0.24%) since yesterday (opening today near 1.9517), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, GBPNZD ranked 16th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, 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 100 day average, which is 10.4 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 17 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 4.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The fibonacci pullback position is exactly 2.618, which is a perfect crab pattern ….I have placed a long trade at a low position….This strategy is a long-term long position.