GBPNZD Up 6 Pips On Hourly Chart, 7 Day Down Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 17, 2020 23:17 GMT)

Currently, GBPNZD’s rate is up 6 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, with price now being above it. 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, which opened today priced near 1.91942, is up 25 pips 0.13% since the previous day, marking a reversal from the day prior — and the end of a 7 day negative run. Relative to other instruments in the Forex asset class, GBPNZD ranked 15th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today the current price of GBPNZD is sitting close to its 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 50 day average, which is 391 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 25 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 8.33, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram