GBP/NZD Price Recap
The back and forth price flow continues for GBP/NZD, which starts today off at 2.06415 US dollars, up 205 pips 1% from the previous day. 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. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 14th for the day in terms of day-over-day price change. Here is a price chart of GBP/NZD.
GBP/NZD Technical Analysis
Coming into today 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 6 out of the past 10 days.
A final note on correlations: in the recent most week, GBP/NZD has been most correlated with GBP/AUD — a frequent scenario, considering GBP finds itself in both pairs. On the flip side, in terms of pairs with the least correlation to GBP/NZD, AUD/CAD is the pair that holds that distinction for the past week, while USD/SEK does on a two week basis.
The View From Around the Web
We’re seeing some traders come out with interesting conviction 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.
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