(Last Updated November 17, 2021 1:49 GMT)
Currently, GBPNZD’s rate is up 8 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)
GBPNZD is up 162 pips (0.85%) since yesterday (opening today near 1.92072), marking the 4th straight day it has gone up. Relative to other instruments in the Forex asset class, GBPNZD ranked 5th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPNZD.
GBPNZD Technical Analysis
Notably, GBPNZD crossed above its 20 day moving average yesterday. 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 108.6 pips away. Volatility for GBPNZD 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPNZD’s price has gone down 17 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPNZD, with 5 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
On the 4-hour timeframe we identified an inversed head and shoulders pattern..We are now waiting for a pullback to the 4-hour support zone (golden zone), then a bullish candlestick pattern to confirm our long trend.