GBP/NZD Up 16 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 7, 2022 1:44 GMT)

At the time of this writing, GBPNZD’s rate is up 16 pips (0.08%) from the hour prior. The hourly chart shows that GBPNZD has seen 3 straight up hours. 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. 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 120 pips (0.63%) since the day prior (opening today near 1.931), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 15th the day prior in terms of percentage price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed above its 50 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 50 day average, which is 39.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 10 days GBPNZD’s price has gone down 6 them.