(Last Updated December 16, 2021 1:43 GMT)
Currently, GBPNZD’s rate is up 24 pips (0.12%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)
After 4 up days, GBPNZD snaps its streak, falling 65 pips (-0.33%) over the past day to close at an exchange rate of 1.95645. Relative to other instruments in the Forex asset class, GBPNZD ranked 30th the day prior in terms of percentage price change. Below is a price chart of GBPNZD.
GBPNZD Technical Analysis
Notably, GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 34.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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 up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone up 9 them.