GBP/NZD 4 Hour Price Update
Updated June 24, 2020 01:09 PM GMT (09:09 AM EST)
GBP/NZD is up 56 pips (0.29%) since the previous 4 hours (opening the current 4 hour candle near 1.944), marking the 3rd candle in a row an upward move has occurred. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 2nd in terms of percentage change since the previous 4 hours.
GBP/NZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/NZD entered today at 1.92709, down 13 pips (0.07%) from the day prior. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 37th in terms of percentage change since the day prior. Here is a price chart of GBP/NZD.
GBP/NZD Technical Analysis
Notably, GBP/NZD is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 159.8 pips away. Volatility for GBP/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPNZD, with 20 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price now trying to retest broken level as a new resistance….If we go to h4 or h1 and draw fibonacci, then we can see 50%-61.8% area is located on 1.9415 zone….Any price action sell signal on this area will execute my order.