GBP/NZD Makes Big Move Relative to Two Week Trend, 2 Day Down Streak Snapped; in an Uptrend Over Past 30 Days

GBP/NZD Price Recap

2.06415 (USD) was the opening price of the day for GBP/NZD, resulting in yesterday being a day in which price moved up 205 pips 1% from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 66.43% from the day prior, and up 43.81% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/NZD ranked 14th yesterday in terms of percentage price change. Here is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

The first thing we should note is that GBP/NZD is now close to its 20 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 7 out of the past 14 days.

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 channel and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

There is still a possibility of temporary retracement to suggested resistance line (2.0371)….if so, traders can set orders based on Price Action and expect to reach short-term targets….The price is below the 21-Day WEMA which acts as a dynamic resistance.