GBP/NZD Up 5 Pips On Hourly Chart, 3 Day Up Streak Snapped; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated September 16, 2022 1:42 GMT)

At the moment, GBPNZD’s rate is up 5 pips (0.03%) from the hour prior. GBPNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

A moment of silence, please, for the end of GBPNZD’s 3 day up streak; price ended the day prior down 0 pips (0%) to finish the day at a rate of 1.9215. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 21st in terms of percentage change since the day prior. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Gbpnzd broke above top bolinger on 4hr chart- strong trend and now declines to test first support- red support scd band on 4hr chart. At the same time buy formation on 15minTop bolinger on 4hr restraints move up at this time but it was broken before and should give up, if not price will decline to test green support scd band below.Let’s see if buyers will push price above top bolinger on 4hr again.