GBPNZD Up 15 Pips On Hourly Chart, Breaks Below 100 Day Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 8, 2020 15:16 GMT)

At the time of this writing, GBPNZD’s rate is up 15 pips (0.08%) from the hour prior. This is the 2nd consecutive hour GBPNZD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 entered today at 1.97523, down 30 pips (0.15%) from the previous day. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 27th in terms of percentage change since the previous day. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed below its 100 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 100 day average, which is 0.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone down 8 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 13 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1, which is neutral. 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; below is a short snippet from it to give you a taste.

Falling ChannelTP = 1.9482Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram