GBP/NZD Up 10 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 4, 2022 1:42 GMT)

At the time of this writing, GBPNZD’s rate is up 10 pips (0.05%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 back and forth price flow continues for GBPNZD, which started today off at 1.94307, up 13 pips 0.07% from yesterday. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 17th for the day in terms of 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 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 200 day average, which is 134.7 pips away. Volatility for GBPNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 15 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!