GBPNZD Up 17 Pips in Last Hour, Crosses 200 Day Moving Average; Sentiment Suggests Buyers in Charge

Hourly Update

(Last Updated September 10, 2021 2:20 GMT)

Currently, GBPNZD’s rate is up 17 pips (0.09%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.94719, up 81 pips (0.42%) since the previous day. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 3rd for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed above its 200 day moving average yesterday. 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 200 day average, which is 55.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 10 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 9 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

NZD strength sees many Kiwi pairs making swift moves lower. These are the technical setups for AUD/NZD, EUR/NZD, GBP/NZD.