GBPNZD Down 36 Pips On Hourly Chart; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated July 16, 2021 18:20 GMT)

At the time of this writing, GBPNZD’s rate is down -36 pips (-0.18%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPNZD has now gone down 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 and 5 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 entered today at 1.97402, up 56 pips (0.28%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 13th yesterday in terms of percentage price change. The price chart of GBPNZD below illustrates.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone up 8 them.