GBPNZD Up 53 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; Eyes 50 and 100 Day Averages

Hourly Update

(Last Updated September 9, 2020 15:17 GMT)

At the time of this writing, GBPNZD’s rate is up 53 pips (0.27%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is down 95 pips (0.48%) since yesterday (opening today near 1.96572), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPNZD ranked 34th yesterday in terms of percentage price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9902, 1.9566, 1.9744 and 1.9956 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 100 day average, which is 86.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone down 7 them.

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 8 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Falling ChannelTP = 1.9482Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram