GBP/NZD Up 21 Pips in Last Hour, Moves Up For the 2nd Day In A Row; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated January 12, 2022 1:42 GMT)

At the time of this writing, GBPNZD’s rate is up 21 pips (0.1%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 up 18 pips (0.09%) since the day prior (opening today near 2.00881), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 17th in terms of percentage change since the day prior. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that the current price of GBPNZD is sitting close to its 20 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 307.1 pips away. 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. For additional context, note that price has gone up 9 out of the past 14 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

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 2 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.

This is my Daily forecast for the next upcoming weeks for GBPNZD.