GBP/NZD Down 29 Pips in Last Hour; Breaks Above 50 Day Average

Hourly Update

(Last Updated June 16, 2022 1:42 GMT)

Currently, GBPNZD’s rate is down -29 pips (-0.15%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 1.936, up 59 pips (0.31%) since the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 15th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed above its 50 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 50 day average, which is 16.1 pips away. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 16 them.