GBP/NZD Up 14 Pips Over Past Hour, 3 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 28, 2022 1:43 GMT)

At the time of this writing, GBPNZD’s rate is up 14 pips (0.07%) from the hour prior. GBPNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

After 3 down days, GBPNZD snaps its streak, rising 36 pips (0.19%) over the past day to close at an exchange rate of 1.9173. Relative to other instruments in the Forex asset class, GBPNZD ranked 17th the day prior in terms of percentage price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9125, 1.9304, 1.966 and 1.9573 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 20 day average, which is 48.2 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone down 17 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!