(Last Updated September 11, 2020 16:17 GMT)
Currently, GBPNZD’s rate is up 10 pips (0.05%) 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 20 hour timeframe. 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 159 pips (0.81%) since the previous day (opening today near 1.94492), marking the 4th straight day a decrease has occurred. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 35th in terms of percentage change since the previous day. Below is a price chart of GBPNZD.
GBPNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPNZD crossed below its 50 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 50 day average, which is 129 pips away. 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. Also of note is that on a 30 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 up 15 out of the past 30 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPNZD, with 22 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 11, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Bullish Deep Crab Ultra high volume down bars – trap of Smart Money , Higher volume-Professionals are buying into the public selling….Horizontal BLACK DOTTED lines r High & Low of ULTRA HIGH Volume CANDLE .Vertical dotted line is ULTRA HIGH VOLUME i.e SMART MONEYRSI must be over 30 & Price on breaking of ULTRA HIGH VOLUME Candle HIGH with NO SUPPLY i.e place for BUYPotential Buy