GBPNZD Up 8 Pips in Last Hour, Breaks Below 100 Day Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 7, 2020 15:16 GMT)

At the moment, GBPNZD’s rate is up 8 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.97523, down 30 pips (0.15%) since the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed below 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 0.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 7 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Once the candle breaks out of the triangle it’s going to continue in an uptrend.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram