GBPNZD Up 17 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 4, 2020 9:52 GMT)

At the moment, GBPNZD’s rate is up 17 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 82 pips (0.41%) since yesterday (opening today near 1.97112), marking the 2nd consecutive day it has gone down. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 33rd for the day in terms of price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: 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 62.2 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. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone down 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is in a downtrend….4 hour chart printed a bearish pin bar at the FIB levels so I am taking this trade and hopefully it reaches it’s target by tomorrow before the weekend….If not and it’s in profit I’ll close this trade before the close of the market tomorrow.


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