GBPNZD Up 8 Pips On Hourly Chart, 5 Day Up Streak Snapped; Crosses 50 Day Moving Average

Hourly Update

(Last Updated October 12, 2020 2:19 GMT)

Currently, GBPNZD’s rate is up 8 pips (0.04%) from the hour prior. GBPNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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)

After 5 up days, GBPNZD snaps its streak, falling 98 pips (-0.5%) over the past day to close at an exchange rate of 1.95491. Relative to other instruments in the Forex asset class, GBPNZD ranked 29th yesterday in terms of percentage price change. Here 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 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 100 day average, which is 37.7 pips away. It should be noted, though, the 50 and 200 day simple moving averages turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 15 them.