GBP/NZD Down 6 Pips in Last Hour, 2 Day Up Streak Ended; Breaks Below 20 Day Average

Hourly Update

(Last Updated September 8, 2022 1:41 GMT)

Currently, GBPNZD’s rate is down -6 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see downtrend on the 20 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 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 entered today at 1.8979, down 88 pips (0.46%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 34th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed below its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Double Bottom Pattern formed in GBPNZD currency market. Watch Pivot Point at price level 1.91000 for a potential long entry.