GBP/NZD 4 Hour Price Update
Updated June 23, 2020 01:08 PM GMT (09:08 AM EST)
GBP/NZD is down 59 pips (0.31%) since the last 4 hour candle (opening the current 4 hour candle near 1.9181), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, GBP/NZD ranked 35th the last 4 hour candle in terms of percentage price change.
GBP/NZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBP/NZD continues; to start today, it came in at a price of 1.92425, up 5 pips (0.02%) since the previous day. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 25th in terms of percentage change since the previous day. The price chart of GBP/NZD below illustrates.
GBP/NZD Technical Analysis
Coming into today GBP/NZD is now close to its 20 day averages, located at 1.9457 respectively, and thus may be at a key juncture along those timeframes. 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 214.7 pips away. Volatility for GBP/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone down 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPNZD, with 11 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
My first video!GBPNZD Short IdeaDaily TimeFrame Fib Retracement, scaling into the Hourly TimeFrame to look for the Break and Retest of a Level. Quick peek at the Price Action on the H4 for confirmation.Bias of Bullish NZD against a Neutral/Bearish Pound.