GBP/NZD Down 17 Pips On 4 Hour Chart, 2 Day Down Streak Snapped; Pin Bar Pattern Appearing on Chart

GBP/NZD 4 Hour Price Update

Updated June 19, 2020 09:21 AM GMT (05:21 AM EST)

After 3 up four-hour candles, GBP/NZD snaps its streak, falling 17 pips (-0.09%) over the past four-hour candle to close at an exchange rate of 1.9342. Relative to other instruments in the Forex asset class, GBP/NZD ranked 26th the last 4 hour candle in terms of percentage price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBP/NZD continues; to start today, it came in at a price of 1.93231, down 0 pips (0%) since the previous day. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 26th for the day in terms of price change. Let’s take a look at price chart of GBP/NZD.

GBP/NZD Technical Analysis

Coming into today the current price of GBP/NZD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 230.8 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 12 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

GN has finally broken below market structure and will be retracing up before continuing its way to the downside, I am hoping for it to retrace between my 50-61.8 zone on the Fibonacci for my perfect entry and then ride it back down to the new low it created.