GBP/NZD Up 15 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated November 10, 2022 1:51 GMT)

At the moment, GBPNZD’s rate is up 15 pips (0.08%) from the hour prior. This is the 2nd straight hour GBPNZD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 down 70 pips (0.36%) since the day prior (opening today near 1.9304), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 24th for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed below 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 58.8 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 8 out of the past 10 days.