(Last Updated November 23, 2020 2:19 GMT)
At the moment, GBPNZD’s rate is down -22 pips (-0.11%) from the hour prior. The hourly chart shows that GBPNZD has seen 2 straight down hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. 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)
The choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.91544, down 9 pips (0.04%) since the day prior. Relative to other instruments in the Forex asset class, GBPNZD ranked 27th the day prior in terms of percentage price change. Below is a price chart of GBPNZD.
GBPNZD Technical Analysis
The first thing we should note is that GBPNZD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.