GBP/NZD Up 2 Pips On Hourly Chart, Breaks Above 100 Day Average; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 17, 2022 1:45 GMT)

At the time of this writing, GBPNZD’s rate is up 2 pips (0.01%) from the hour prior. This is the 2nd straight hour GBPNZD has seen its price head up. 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 pin bar candlestick pattern on GBPNZD. Given that we see an uptrend on the 20, 10 and 5 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 1.936, is up 114 pips 0.59% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: 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 4.9 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 7 out of the past 10 days.