GBP/NZD Up 6 Pips in Last Hour, Entered Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 14, 2022 1:41 GMT)

At the time of this writing, GBPNZD’s rate is up 6 pips (0.03%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight up hours. 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 an uptrend on the 20 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 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 149 pips (0.78%) since yesterday (opening today near 1.9161), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 11th yesterday in terms of percentage price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 6 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 6, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPNZD Target Price is 1.92800. https://www.tradingview.com/x/uqziXABm/ https://www.tradingview.com/x/QDeyRIV6/