(Last Updated November 11, 2020 0:19 GMT)
Currently, GBPNZD’s rate is down -1 pips (-0.01%) from the hour prior. GBPNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 50 hour changed directions on GBPNZD; it is now pointing down. 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 down 210 pips (1.08%) since the previous day (opening today near 1.91923), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 33rd the previous day in terms of percentage price change. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
Coming into today the current price of GBPNZD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 284 pips away. It should be noted, though, the 100 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 14 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone down 6 them.