(Last Updated April 27, 2021 2:21 GMT)
At the moment, GBPNZD’s rate is down -6 pips (-0.03%) from the hour prior. GBPNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPNZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPNZD is down 58 pips (0.3%) since the previous day (opening today near 1.92146), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 31st for the day in terms of price change. Here is a price chart of GBPNZD.
GBPNZD Technical Analysis
The first thing we should note is that GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9479, 1.9401, 1.9189 and 1.934 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 25.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 10 days GBPNZD’s price has gone down 7 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPNZD, with 5 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I am not seeing much in the market but I do like this trade. I see here price testing support and on the 4 hour chart we see a doji followed by a bullish engulfing candle so I am going long at targeting a 1:2 R:R trade.