Hourly Update

(Last Updated November 22, 2022 1:43 GMT)

At the time of this writing, GBPNZD’s rate is up 20 pips (0.1%) from the hour prior. The hourly chart shows that Gbpnzd has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 1.938, up 76 pips (0.39%) since the previous day. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 13th in terms of percentage change since the previous day. Below is a price chart of GBPNZD.

GBPNZD Technical Analysis

First things first: GBPNZD crossed above its 100 and 200 day moving averages 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 200 day average, which is 14.4 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days GBPNZD’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 15 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 7.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi there, GBPNZD is setting up for breakout watch for breakout and look for long. Good Luck

The post GBP/NZD Up 20 Pips in Last Hour, Crosses 100 and 200 Day Moving Averages; in a Downtrend Over Past 30 Days appeared first on CFDTrading.