GBP/NZD Down 38 Pips in Last 4 Hours; in a Downtrend Over Past 30 Days

GBP/NZD 4 Hour Price Update

Updated June 18, 2020 09:11 AM GMT (05:11 AM EST)

After 3 up four-hour candles, GBP/NZD snaps its streak, falling 38 pips (-0.2%) over the past four-hour candle to close at an exchange rate of 1.9441. Relative to other instruments in the Forex asset class, GBP/NZD ranked 34th the previous 4 hours in terms of percentage price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/NZD, which started today off at 1.94805, up 40 pips 0.2% from the previous day. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 4th in terms of percentage change since the previous day. Here is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

Coming into today GBP/NZD is now close to its 20 day averages, located at 1.9586 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 105.7 pips away. Volatility for GBP/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone down 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 11 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and divergence technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

on DAILY: GBPNZD is sitting around a support/resistance zone in blue so we will be looking for objective buy setups on lower timeframes….on H1: GBPNZD formed an objective channel in red, so we are waiting for a momentum candle close above its last swing to buy this one short-term….Meanwhile, as long as our buy is not activated, we would be overall bearish on GBPNZD