(Last Updated January 25, 2021 22:20 GMT)
At the moment, GBPNZD’s rate is up 8 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 and 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 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 is up 32 pips (0.17%) since the previous day (opening today near 1.9051), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
Notably, 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 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.