GBPNZD Down 5 Pips On Hourly Chart, 4 Day Up Streak Broken; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated March 26, 2021 1:21 GMT)

Currently, GBPNZD’s rate is down -5 pips (-0.03%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)

A moment of silence, please, for the end of GBPNZD’s 4 day up streak; price ended the previous day down 3 pips (-0.02%) to finish the day at a rate of 1.9638. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, the current price of GBPNZD is sitting close to its 20, 50 and 200 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 299.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.