GBPNZD Up 53 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; Eyes 50 and 100 Day Averages
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
GBPNZD
(Last Updated September 22, 2020)
Hello! This is the news page for GBPNZD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On GBPNZD, there is currently a downtrend on the 30 and 14 day timeframes.
GBPNZD Moving Averages
GBPNZD’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 50 are bearish, suggesting the trend is generally downward, aside from a jump about 2 months prior. Moreover, today we saw the 50 moving average turn bullish.
Below is a chart showing GBPNZD’s price with its moving averages.
As for assets in the Forex asset class GBPNZD has been correlated to over the past week, it has been most correlated with EURCHF. Over the past 14 days, however, the asset showing the strongest correlation to GBPNZD is GBPAUD. Alternatively, CHFJPY has been the asset least correlated with GBPNZD — but over the past two weeks, the asset least correlated with GBPNZD has been EURNZD. The chart below illustrates GBPNZD against its least correlated assets.
.
The View From the Weekly Timeframe
At the time of this writing, GBPNZD’s rate is up 0.0112 (0.59%) from the week prior. GBPNZD has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows GBPNZD’s price action over the past year.
GBPNZD Up 15 Pips On Hourly Chart, Breaks Below 100 Day Average; Doji Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 14 days gbpnzd’s price has gone down 8 them.
GBPNZD Up 8 Pips in Last Hour, Breaks Below 100 Day Average; Doji Pattern Appearing on Chart
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
GBPNZD Up 17 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
GBPNZD Up 4 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; Breaks Below 100 Day Average
Compared to its peers in the forex, gbpnzd gave its buyers a return that ranked 33rd in terms of percentage change since yesterday.
GBPNZD Up 12 Pips Over Past Hour, 3 Day Down Streak Broken; Crosses 100 Day Moving Average
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
GBPNZD Up 39 Pips Over Past Hour, 3 Day Down Streak Broken; Crosses 100 Day Moving Average
This is a reversal of the price action on the previous hour, in which price moved down.
GBPNZD Up 27 Pips Over Past Hour, 2 Day Up Streak Snapped; Crosses 200 Day Moving Average
As for the rationale, technical traders seem to be citing the appearance of demand zone and fibonacci technical patterns.
GBP/NZD Up 26 Pips On 4 Hour Chart, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart
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.
GBP/NZD Down 23 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; is Inching Close to 200 Day Average
Volatility for gbp/nzd has been contracting over the past two weeks relative to volatility over the past month.