GBPNZD Up 3 Pips On Hourly Chart, Moves Up For the 5th Day In A Row; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated January 14, 2021 2:21 GMT)

Currently, GBPNZD’s rate is up 3 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is up 76 pips (0.4%) since the day prior (opening today near 1.8988), marking the 5th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 4th for the day in terms of price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

The first thing we should note is that GBPNZD is now close to its 20, 50 and 100 day averages, located at 1.89, 1.9024 and 1.9277 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 10 days.