(Last Updated September 8, 2021 0:20 GMT)
At the moment, GBPNZD’s rate is down -4 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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, which opened today priced near 1.93877, is up 21 pips 0.11% since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
Notably, GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 22.1 pips away. 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. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone down 8 them.