GBP/NZD Up 12 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated June 3, 2022 1:43 GMT)

Currently, GBPNZD’s rate is up 12 pips (0.06%) from the hour prior. GBPNZD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 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 101 pips (0.52%) since yesterday (opening today near 1.91624), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 31st for the day in terms of price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed below 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 96.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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

Of note is that traders in aggregate have opinions on GBPNZD, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a moving average technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPNZD Sell has alerted.Little sell arrow shows alert. Trade is already in progress.15M time frame chart strategy. Trend following strategy being used. Back tested proven strategy. Blue bars for buyRed bars for sells.Green line TPRed line SL.Entry value- 191889TP Value- 191525SL Value-192155