(Last Updated November 5, 2021 23:27 GMT)
At the moment, GBPNZD’s rate is down -2 pips (-0.01%) from the hour prior. This is the 2nd straight hour GBPNZD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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 choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.9094, down 14 pips (0.08%) since the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. The price chart of GBPNZD below illustrates.
GBPNZD Technical Analysis
Coming into today GBPNZD is now close to its 20, 50 and 200 day averages, located at 1.9319, 1.9429 and 1.9508 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 20 day average, which is 224.9 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days.