GBP/NZD Up 11 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 24, 2022 1:42 GMT)

At the time of this writing, GBPNZD’s rate is up 11 pips (0.06%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight up hours. 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 1 pips (0.01%) since the day prior (opening today near 1.9312), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 19th for the day in terms of 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 averages, located at 1.9432, 1.953, 1.9349 and 1.9355 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 100 day average, which is 37.4 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 20 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Here is my sell stop idea for gbpnzdTell me your opinion