GBP/NZD Up 12 Pips On 4 Hour Chart, 4 Day Down Streak Snapped; in a Downtrend Over Past 30 Days

GBP/NZD 4 Hour Price Update

Updated May 21, 2020 12:47 AM GMT (08:47 PM EST)

A moment of silence, please, for the end of GBP/NZD’s 6 four-hour candle down streak; price ended the last 4 hour candle up 12 pips (0.06%) to finish the four-hour candle at a rate of 1.9907. Out of the 37 instruments in the Forex asset class, GBP/NZD ended up ranking 9th for the four-hour candle in terms of price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD, which opened today priced near 1.9908, is up 13 pips 0.07% since the day prior, marking a reversal from the day prior — and the end of a 4 day negative run. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 11th for the day in terms of price change. Here is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

The first thing we should note is that GBP/NZD is now close to its 20, 100 and 200 day averages, located at 2.0315, 2.0403 and 2.0162 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 200 day average, which is 254.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 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 18 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

Of note is that traders in aggregate have opinions on GBPNZD, with 19 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 3.17, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.