GBP/NZD Makes Big Move Relative to Past Month, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/NZD Price Recap

GBP/NZD is down 31 pips (0.15%) since yesterday (with its current price near 2.02441), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 11.4% from the day prior, but down 6.46% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 20th for the day in terms of day-over-day price change. Below is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

Notably, GBP/NZD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A lot of resistance and a failed attempt..