GBPNZD Down 5 Pips in Last Hour, in an Uptrend Over Past 14 Days; Bearish Engulfing Pattern Present

Hourly Update

(Last Updated February 22, 2021 23:21 GMT)

Currently, GBPNZD’s rate is down -5 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on GBPNZD; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD entered today at 1.9196, down 153 pips (0.79%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 36th 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 moving averages, which may act as price barrier for the asset. 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 26.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 14, 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.