(Last Updated September 12, 2022 1:42 GMT)
Currently, GBPNZD’s rate is up 33 pips (0.17%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on GBPNZD. Given that we see an uptrend on the 10 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 1.8979, down 19 pips (0.1%) from yesterday. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 19th for the day in terms of price change. Below is a price chart of 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 1.9021, 1.9187 and 1.9295 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPNZD 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 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.