GBPNZD Up 1 Pips On Hourly Chart, Came Into Today Down For the 6th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 14, 2020 23:17 GMT)

At the moment, GBPNZD’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is down 69 pips (0.36%) since the previous day (opening today near 1.91797), marking the 6th day in a row it has gone down. Out of the 40 instruments in the Forex asset class, GBPNZD ended up ranking 35th for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 50 day averages, located at 1.9582 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 402.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 19 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.11, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Since the RSI broke through the RSI Zone which over bought and we have clear support and resistance, we might a expect a long tade of sell


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram