(Last Updated January 1, 2021 3:21 GMT)
At the moment, GBPNZD’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPNZD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 95 pips (0.5%) since the day prior (opening today near 1.89977), marking the 2nd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 6th for the day in terms of price change. The price chart of GBPNZD below illustrates.
GBPNZD Technical Analysis
First things first: GBPNZD crossed above its 20 day moving average 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 down. For additional context, note that price has gone up 6 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPNZD, with 9 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GBPNZD Long – Potential Upside +254 pips