(Last Updated January 15, 2021 3:22 GMT)
Currently, GBPNZD’s rate is up 11 pips (0.06%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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, which opened today priced near 1.89424, is down 46 pips 0.24% since yesterday, marking a reversal from the day prior — and the end of a 5 day positive run. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
The first thing we should note is that 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. 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 up 17 them.