GBPNZD Down 9 Pips in Last Hour; Breaks Below 200 Day Average

Hourly Update

(Last Updated April 26, 2021 3:21 GMT)

At the time of this writing, GBPNZD’s rate is down -9 pips (-0.04%) from the hour prior. This is the 2nd hour in a row GBPNZD has seen its price head down. 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 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)

The choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.9273, down 68 pips (0.35%) since yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 34th yesterday in terms of percentage price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed below its 200 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 200 day average, which is 66.9 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days.