GBP/NZD Makes Big Move Relative to Two Week Trend, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 30 Days

GBP/NZD Price Recap

GBP/NZD is down 151 pips (0.74%) since yesterday (with its current price near 2.04362), marking the 2nd day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 31.25% from the day before — and down 13.39% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 30th for the day in terms of day-over-day price change. Below 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, 50 and 100 day averages, located at 2.0418, 2.0094 and 2.0057 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 5 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. 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.

taking into consideration a clear bullish trend on the pair the chances are high that quite soon we see a new bullish wave….for confirmation, follow the bullish flag formation on 1H….as soon as the pair breaks and closes above its resistance, we can buy expecting continuation to 2.061 & 2.072 levels* in case of a bearish continuation and 4H candle close below the trendline,bias switches to bearish.