(Last Updated October 15, 2020 2:18 GMT)
At the time of this writing, GBPNZD’s rate is up 26 pips (0.13%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 200 hour moving averages have been crossed, with price now being above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 1.9544, up 104 pips (0.53%) from the day prior. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 4th for the day in terms of price change. The price chart of GBPNZD below illustrates.
GBPNZD Technical Analysis
Notably, GBPNZD crossed above its 100 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 100 day average, which is 42.9 pips away. Volatility for GBPNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. For additional context, note that price has gone up 10 out of the past 14 days.