GBP/NZD 4 Hour Price Update
Updated June 22, 2020 01:10 PM GMT (09:10 AM EST)
GBP/NZD entered the current 4 hour candle at 1.9193, down 72 pips (0.37%) from the previous 4 hours. On a relative basis, GBP/NZD was the worst performer out of all 37 of the assets in the Forex asset class.
GBP/NZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of GBP/NZD’s 3 day down streak; price ended yesterday up 8 pips (0.04%) to finish the day at a rate of 1.9266. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Let’s take a look at price chart of GBP/NZD.
GBP/NZD Technical Analysis
Notably, the current price of GBP/NZD is sitting close to its 20 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 256.6 pips away. Volatility for GBP/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone down 17 them. 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 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.