(Last Updated June 13, 2022 1:40 GMT)
At the time of this writing, GBPNZD’s rate is up 2 pips (0.01%) from the hour prior. The hourly chart shows that GBPNZD has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 downtrend on the 20 and 10 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, which opened today priced near 1.9372, is down 195 pips 0.99% since yesterday, marking a reversal from the day prior — and the end of a 5 day positive run. Relative to other instruments in the Forex asset class, GBPNZD ranked 34th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
Notably, GBPNZD crossed below its 20, 100 and 200 day moving averages 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 20 day average, which is 42.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Enter the description for your idea in this section