(Last Updated January 18, 2021)
Hello! This is the news page for GBPNZD. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| New Zealand NZIER Capacity Utilization | Q4 2020 | New Zealand Dollar | NZD | 2021-01-18 | 21:00 GMT | ||
| New Zealand NZIER Business Confidence | Q4 2020 | New Zealand Dollar | NZD | 2021-01-18 | 21:00 GMT | ||
| New Zealand Electronic Retail Card Spending YoY | Dec 2020 | New Zealand Dollar | NZD | 2021-01-18 | 21:45 GMT | ||
| New Zealand Electronic Retail Card Spending MoM | Dec 2020 | New Zealand Dollar | NZD | 2021-01-18 | 21:45 GMT | ||
| United Kingdom BoE Haldane Speech | NA | British Pound | GBP | 2021-01-19 | 18:00 GMT |
On GBPNZD, we don’t see a clear trend until the 90 day basis, where we see a clear downtrend.
The moving averages on GBPNZD summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 20 are bearish, suggesting the trend is generally downward, save for a spike that occurred about 3 weeks ago. Moreover, today we saw the 20 moving average turn bullish.
The chart below illustrates.
Regarding GBPNZD’s correlations over the past 7 days, it has been most correlated with GBPAUD. GBPNZD has been most correlated with GBPAUD over the past 14 days also, so this may be a structural correlation in the market. On the flip side, USDHKD has been the asset least correlated with GBPNZD — but if we observe the prior two weeks, EURAUD has been the asset least correlated with GBPNZD. The chart below illustrates GBPNZD against its least correlated assets.
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Currently, GBPNZD’s rate is up 309 pips (1.65%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly 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’s weekly price action over the past 52 weeks can be seen via the chart below.
Monthly view favors rangebound strategies. No clear trend on the 24, 60 and 120 month timeframes.
As for the rationale, technical traders seem to be citing the appearance of divergence, double top, fibonacci, relative strength index and trendline technical patterns.
The closest is the 20 day average, which is 165.8 pips away.
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.
Price is currently sitting above the major weekly/daily resistance and showing signs of rejection which could mean its now become support….
As for the rationale, technical traders seem to be citing the appearance of channel and double top technical patterns.
Volatility for gbp/nzd has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
This imputes a buy/sell ratio of 0.43, which is bearish.
As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern.
The closest is the 20 day average, which is 246.1 pips away.
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.