GBPNZD Up 70 Pips On Hourly Chart, Came Into Today Up For the 4th Straight Day; Nears 50 Day Moving Average

Hourly Update

(Last Updated October 8, 2020 2:19 GMT)

At the moment, GBPNZD’s rate is up 70 pips (0.36%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 91 pips (0.47%) since yesterday (opening today near 1.96167), marking the 4th straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 10th for the day in terms of price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9357, 1.964, 1.9518 and 1.9903 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 50 day average, which is 22.8 pips away. It should be noted, though, the 200 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 up. For additional context, note that price has gone up 8 out of the past 10 days.