(Last Updated April 23, 2021 2:20 GMT)
Currently, GBPNZD’s rate is down -9 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPNZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPNZD entered today at 1.93407, up 6 pips (0.03%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 15th yesterday in terms of percentage price change. The price chart of GBPNZD below illustrates.
GBPNZD Technical Analysis
First things first: GBPNZD crossed above its 200 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 200 day average, which is 1.4 pips away. 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. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone up 16 them.