GBP/NZD Up 14 Pips On Hourly Chart, Entered Today Down For the 2nd Straight Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated August 31, 2022 1:43 GMT)

At the moment, GBPNZD’s rate is up 14 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 20 pips (0.11%) since the day prior (opening today near 1.9007), 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. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 18 out of the past 30 days.