(Last Updated September 25, 2020 6:17 GMT)
Currently, GBPNZD’s rate is down -17 pips (-0.09%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists 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 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPNZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPNZD entered today at 1.94151, up 235 pips (1.23%) from the day prior. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 5th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
The first thing we should note is that the current price of GBPNZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPNZD, with 5 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Welcome back for some more chart analysis practice….Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money….Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside.