GBP/NZD Down 3 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; Breaks Above 200 Day Average

Hourly Update

(Last Updated September 8, 2021 1:49 GMT)

Currently, GBPNZD’s rate is down -3 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)

GBPNZD is up 28 pips (0.14%) since the day prior (opening today near 1.94154), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 20th the day prior in terms of percentage price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed above its 200 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 200 day average, which is 3.2 pips away. 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. For additional context, note that price has gone down 7 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPNZD long ideawait for break out and testing support area with price action