(Last Updated October 14, 2020 2:18 GMT)
Currently, GBPNZD’s rate is down -8 pips (-0.04%) from the hour prior. GBPNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1.944, down 213 pips (1.08%) from yesterday. Those trading within the Forex asset class should know that GBPNZD was the worst performer in the class. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed below its 50 and 100 day moving averages 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 20 day average, which is 8 pips away. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone up 10 them.