GBP/NZD Down 7 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 13, 2020 1:32 GMT)

Currently, GBPNZD’s rate is down -0.0007 (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is down 47 pips (0.24%) since yesterday (opening today near 1.9161), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPNZD ranked 23rd yesterday in terms of percentage price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today the current price of GBPNZD 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 50 day average, which is 285 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. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 16 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 18 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 9, 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; below is a short snippet from it to give you a taste.

GBPNZD BUY opportunity * weekly trendline , very strong*look for buy opportunity 1h and 4h time frame LIKE and SUBSCRIBE please