GBPNZD Down 0 Pips in Last Hour, Moves Down For the 4th Day In A Row; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated September 6, 2021 23:20 GMT)

Currently, GBPNZD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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)

GBPNZD is down 91 pips (0.47%) since the day prior (opening today near 1.93671), marking the 4th day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 37th for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed below 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 41 pips away. It should be noted, though, the 100 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 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

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 3 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.

Bears recently drove prices from a peak high around 2.0 to 1.93, breaking the uptrend support and subsequently an acting support around 1.96. Within the coming weeks, we expect a retest of the broken structure from either one of the zones highlighted in the chart. Trading is reactive not predictive, use proper risk management and be aware of liquidity hunts.Wishing y’all a successful trading week ahead.