GBP/NZD Up 27 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated January 14, 2022 1:44 GMT)

At the moment, GBPNZD’s rate is up 27 pips (0.13%) from the hour prior. This is the 3rd straight hour GBPNZD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPNZD. Given that we see downtrend on the 20 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 down 58 pips (0.29%) since yesterday (opening today near 1.99584), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9821, 1.9532, 1.9474 and 1.9558 respectively, and thus may be at a key juncture along those timeframes. 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 137.2 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 19 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, 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.

Waiting for price to enter my resistance zone before looking for shorts.