(Last Updated October 15, 2021 1:20 GMT)
At the time of this writing, GBPNZD’s rate is down -9 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)
GBPNZD is up 11 pips (0.05%) since the day prior (opening today near 1.96099), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 19th for the day in terms of price change. Below is a price chart of GBPNZD.
GBPNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed above its 50 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 50 day average, which is 6.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone up 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.