GBPNZD Up 21 Pips On Hourly Chart, Entered Today Down For the 4th Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 11, 2021 3:20 GMT)

At the time of this writing, GBPNZD’s rate is up 21 pips (0.11%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 down 44 pips (0.23%) since yesterday (opening today near 1.8908), marking the 4th straight day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 25th for the day in terms of price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Coming into today the current price of GBPNZD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 310.5 pips away. Volatility for GBPNZD 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 8 out of the past 10 days.