GBP/NZD Up 8 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated August 5, 2022 1:43 GMT)

At the time of this writing, GBPNZD’s rate is up 8 pips (0.04%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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 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 down 77 pips (0.4%) since the previous day (opening today near 1.9287), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 28th in terms of percentage change since the previous day. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

First things first: GBPNZD crossed below its 20 and 100 day moving averages 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 100 day average, which is 14.4 pips away. The clearest trend exists on the 30 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.