GBP/NZD Down 5 Pips, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

GBP/NZD Price Recap

The back and forth price flow continues for GBP/NZD, which starts today off at 2.022 US dollars, down 5 pips 0.02% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 2.55% from the day prior, but up 0.21% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 25th for the day in terms of day-over-day price change. The price chart of GBP/NZD below illustrates.

GBP/NZD Technical Analysis

Coming into today the current price of GBP/NZD 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 20 day average, which is 258.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. 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 8 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPNZD is a pair that we have open a long order last week based on daily bullish signals….It has a very likely to continune its 5th wave on weekly chart , up for 1300 pips ….And on daily chart, it will need to test 500 pips first to recent top.