GBP/NZD Up 10 Pips On Hourly Chart, Came Into Today Down For the 3rd Consecutive Day; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated August 2, 2022 1:41 GMT)

At the time of this writing, GBPNZD’s rate is up 10 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

GBPNZD is down 5 pips (0.03%) since yesterday (opening today near 1.9347), marking the 3rd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPNZD ranked 20th yesterday in terms of percentage price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9335, 1.9373, 1.9297 and 1.9503 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 11.7 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 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 14 days GBPNZD’s price has gone down 9 them.