GBP/NZD Price Recap
2.02515 (USD) was the opening price of the day for GBP/NZD, resulting in yesterday being a day in which price moved up 224 pips 1.12% 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 21.64% from the day prior, and up 11.64% from the same day the week before. GBP/NZD outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! Below is a price chart of GBP/NZD.
GBP/NZD Technical Analysis
Coming into today GBP/NZD is now close to its 20, 50 and 100 day averages, located at 2.0005, 1.9872 and 1.9938 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 246.1 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing bullish engulfing pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPNZD, with 26 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 2.17, which is bullish. 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.
After a rejection on 4HR, Looking to retrace and brake the trendline