GBPNZD Up 10 Pips Over Past Hour; Nears 100 Day Moving Average

Hourly Update

(Last Updated April 29, 2021 2:21 GMT)

Currently, GBPNZD’s rate is up 10 pips (0.05%) from the hour prior. GBPNZD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

The back and forth price flow continues for GBPNZD, which started today off at 1.91988, down 97 pips 0.5% from the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. 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 5 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 15 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 30, 14 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.