GBP/NZD Up 9 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 15, 2021 1:40 GMT)

At the moment, GBPNZD’s rate is up 9 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend 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)

GBPNZD is up 6 pips (0.03%) since the day prior (opening today near 1.9044), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 22nd the day prior in terms of percentage price change. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 74.8 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. 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.