GBPNZD Up 6 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated September 15, 2021 1:20 GMT)

At the moment, GBPNZD’s rate is up 6 pips (0.03%) from the hour prior. This is the 2nd consecutive hour GBPNZD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 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 down 7 pips (0.03%) since the previous day (opening today near 1.94465), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 23rd the previous day in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that 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 200 day average, which is 25.1 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 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.