GBP/NZD Down 8 Pips, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

GBP/NZD Price Recap

The back and forth price flow continues for GBP/NZD, which starts today off at 2.02755 US dollars, down 8 pips 0.04% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 11.71% from the day before — and down 39.61% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 19th for the day in terms of day-over-day price change. Let’s take a look at price chart of GBP/NZD.

GBP/NZD Technical Analysis

The first thing we should note is that GBP/NZD is now close to its 20, 50 and 100 day averages, located at 2.0437, 2.0149 and 2.0066 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 5 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

1- divergencia del mercado y le MACD, 2- Ruptura de la linea de tendencia3, Trade largo4. segun la proyeccion del fibonacci hasta el 61.8%