GBP/NZD Down 22 Pips in Last 4 Hours, Makes Big Move Relative to Past Month; is Inching Close to 20 Day Average

GBP/NZD 4 Hour Price Update

Updated March 24, 2020 03:21 AM GMT (11:21 PM EST)

GBP/NZD is down 22 pips (0.11%) since the last 4 hour candle (opening the current 4 hour candle near 2.0183), marking the 5th candle in a row it has gone down. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 22nd in terms of percentage change since the last 4 hour candle.

GBP/NZD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

GBP/NZD is up 112 pips (0.55%) since the prior day’s New York session (opening today’s post-New York session near 2.03788), marking the 2nd day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 1.94% from the day prior, but up 49.28% from the same day the week before. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 16th in terms of percentage change since the prior day’s New York session. Here is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

Notably, GBP/NZD is now close to its 20, 50 and 100 day averages, located at 2.0434, 2.0184 and 2.0068 respectively, and thus may be at a key juncture along those timeframes. Related to the moving average crossover is that GBP/NZD’s momentum/trend on a 14 day basis may be decelerating. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 4 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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