GBP/NZD Up 15 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Eyes 20 Day Average

Hourly Update

(Last Updated June 8, 2022 1:42 GMT)

At the time of this writing, GBPNZD’s rate is up 15 pips (0.08%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight up 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 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 up 104 pips (0.54%) since yesterday (opening today near 1.94136), marking the 3rd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 12th for the day in terms of price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today the current price of GBPNZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 6.1 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 16 them.