GBP/NZD Up 3 Pips in Last Hour; Breaks Above 50 Day Average

Hourly Update

(Last Updated July 20, 2021 2:14 GMT)

At the moment, GBPNZD’s rate is up 3 pips (0.01%) from the hour prior. The hourly chart shows that GBPNZD has seen 3 straight up hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

The back and forth price flow continues for GBPNZD, which started today off at 1.971, up 59 pips 0.3% from the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 13th in terms of percentage change since the day prior. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPNZD; just 3 sell signals and 3 buy 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 elliott wave and head and shoulders technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.