At the time of this writing, GBPNZD’s rate is up 39 pips (0.2%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 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)
After 3 down days, GBPNZD snaps its streak, rising 61 pips (0.31%) over the past day to close at an exchange rate of 1.98522. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Below is a price chart of GBPNZD.
GBPNZD Technical Analysis
Notably, GBPNZD crossed above its 100 day moving average yesterday. 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 50.1 pips away. Volatility for GBPNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone up 5 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 8 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence and gartley technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
”SELL MARKET ORDER” Reasons for trade entry: Gartley Hidden divergence Doji