(Last Updated August 3, 2021 3:21 GMT)
At the moment, GBPNZD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPNZD. Given that we see downtrend on the 20 and 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 entered today at 1.9887, down 65 pips (0.32%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 31st yesterday in terms of percentage price change. The price chart of GBPNZD below illustrates.
GBPNZD Technical Analysis
Coming into today 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 up. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone up 5 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPNZD, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s 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.
We are still waiting patiently, watching the corrective movement of this pair. Price is still retesting the level and showing bullish signs. We keep our eyes focused so as to not miss the push when it comes. With some more rejections at the level, we could see continuation sides to this uptrend.