GBP/NZD Up 9 Pips in Last Hour, Crosses 50 Day Moving Average; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated August 4, 2022 1:44 GMT)

Currently, GBPNZD’s rate is up 9 pips (0.05%) 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 100 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)

The choppiness in the recent daily price action of GBPNZD continues; to start today, it came in at a price of 1.9364, down 67 pips (0.34%) since the previous day. Relative to other instruments in the Forex asset class, GBPNZD ranked 33rd the previous day in terms of percentage price change. Here is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, 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 8.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPNZD’s price has gone down 8 them.