GBP/NZD Price Recap
The back and forth price flow continues for GBP/NZD, which starts today off at 2.02831 US dollars, up 51 pips 0.25% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 4.76% from the day prior, but up 119.37% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 19th for the day in terms of day-over-day price change. Let’s take a look at price chart of GBP/NZD.
GBP/NZD Technical Analysis
Coming into today GBP/NZD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Related to the moving average crossover is that GBP/NZD may have broken its trend on the 30 day basis, as the trend’s momentum appears to be slowing down. 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. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPNZD, with 8 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GN broke trendline on h4, so I was waiting for pullback to retest the trendline. On h1 it broke new trendline, it looks like its going down. SL tight, TP around 2.00