GBP/NZD Down 84 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Crosses 20 and 50 Day Moving Averages

GBP/NZD 4 Hour Price Update

Updated March 26, 2020 05:09 AM GMT (01:09 AM EST)

A moment of silence, please, for the end of GBP/NZD’s 5 four-hour candle up streak; price ended the previous 4 hours down 84 pips (-0.41%) to finish the four-hour candle at a rate of 2.0312. On a relative basis, GBP/NZD was the worst performer out of all 40 of the assets in the Forex asset class.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD is up 170 pips (0.84%) since yesterday (opening today near 2.0386), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Let’s take a look at price chart of GBP/NZD.

GBP/NZD Technical Analysis

First things first: GBP/NZD crossed above its 20 and 50 day moving averages yesterday. 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 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 1 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price gained momentum into the third highs of a rejection of a key trendline, with candlestick spiking and attempting to accumulate more sellers around that high of 2.0370-2.0420….We have daily projections of targets where price could reach 2.0200 and lower, giving current market situations, markets are very volatile….therefore an SL of around 2.0430 is durable, perhaps, trailing our sl into profit whilst trade is in consistence with our bias would also be safe.