Hourly Update

(Last Updated November 23, 2022 2:26 GMT)

At the moment, GBPNZD’s rate is down -6 pips (-0.03%) from the hour prior. Gbpnzd has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 back and forth price flow continues for GBPNZD, which started today off at 1.9313, down 67 pips 0.35% from yesterday. Out of the 39 instruments in the Forex asset class, GBPNZD ended up ranking 30th for the day in terms of price change. Below is a price chart of GBPNZD.

GBPNZD Technical Analysis

Notably, GBPNZD crossed below 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 100 day average, which is 37.2 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. 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 30 days GBPNZD’s price has gone down 19 them.

The post GBP/NZD Down 6 Pips Over Past Hour, Crosses 100 and 200 Day Moving Averages; in a Downtrend Over Past 30 Days appeared first on CFDTrading.