GBP/NZD Up 21 Pips On 4 Hour Chart, 4 Day Down Streak Broken; in a Downtrend Over Past 14 Days

GBP/NZD 4 Hour Price Update

Updated July 07, 2020 05:06 AM GMT (01:06 AM EST)

GBP/NZD is up 21 pips (0.11%) since the previous 4 hours (opening the current 4 hour candle near 1.9075), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/NZD ranked 5th the previous 4 hours in terms of percentage price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD, which opened today priced near 1.90549, is down 0 pips 0% since the previous day, marking NA — and the end of a 4 day negative run. Relative to other instruments in the Forex asset class, GBP/NZD ranked 26th the previous day in terms of percentage price change. The price chart of GBP/NZD below illustrates.

GBP/NZD Technical Analysis

Notably, GBP/NZD is now close to its 20 day averages, located at 1.9244 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 189.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone down 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 8 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Fibonacci is telling to buy when its retesting its may go up