GBP/NZD Down 9 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Crosses 100 Day Moving Average

Hourly Update

(Last Updated July 19, 2022 1:41 GMT)

At the time of this writing, GBPNZD’s rate is down -9 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

After 4 down days, GBPNZD snaps its streak, rising 162 pips (0.84%) over the past day to close at an exchange rate of 1.9419. Relative to other instruments in the Forex asset class, GBPNZD ranked 3rd the previous day in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed above its 100 day moving average yesterday. 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 50 day average, which is 4.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 17 out of the past 30 days.