GBP/NZD Down 5 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated December 29, 2021 1:46 GMT)

At the moment, GBPNZD’s rate is down -5 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 17 pips (0.08%) since yesterday (opening today near 1.97395), marking the 2nd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 7th for the day in terms of price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 150.2 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Volatility for GBPNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 10 days.