GBP/NZD Up 20 Pips On 4 Hour Chart, Entered Today Up For the 7th Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/NZD 4 Hour Price Update

Updated July 30, 2020 01:06 AM GMT (09:06 PM EST)

The back and forth price flow continues for GBP/NZD, which started the current 4 hour candle off at 1.9502, up 20 pips 0.1% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, GBP/NZD ended up ranking 3rd for the four-hour candle in terms of price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD is up 11 pips (0.06%) since the previous day (opening today near 1.9495), marking the 7th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/NZD ranked 15th the previous day in terms of percentage price change. Here is a price chart of GBP/NZD.

GBP/NZD

GBP/NZD Technical Analysis

Coming into today GBP/NZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 14 days GBP/NZD’s price has gone up 10 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 6 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 3, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

1st high taken looking for a move even higher now to the next area23-Jul-20 https://www.tradingview.com/chart/GBPNZD/g3tK2YSP-GBPNZD-M30/