GBP/NZD Down 9 Pips in Last Hour, Nears 20 Day Moving Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 13, 2022 1:43 GMT)

Currently, GBPNZD’s rate is down -9 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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)

The back and forth price flow continues for GBPNZD, which started today off at 1.9012, up 33 pips 0.17% from the previous day. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 17th in terms of percentage change since the previous day. Below is a 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 averages, located at 1.9024, 1.9177, 1.9293 and 1.9479 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone down 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.