GBPNZD Down 12 Pips On Hourly Chart, Entered Today Up For the 5th Day In A Row; Breaks Above 50 Day Average

Hourly Update

(Last Updated October 9, 2020 2:19 GMT)

At the time of this writing, GBPNZD’s rate is down -12 pips (-0.06%) from the hour prior. This is the 2nd straight hour GBPNZD has seen its price head down. Regarding the trend, note that the strongest trend 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 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is up 30 pips (0.15%) since the day prior (opening today near 1.9647), marking the 5th day in a row it has gone up. Relative to other instruments in the Forex asset class, GBPNZD ranked 11th the day prior in terms of percentage price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed above its 50 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 50 day average, which is 5.5 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days.