GBPNZD is tackling the capping 100-day simple moving average (SMA) at 1.9880 at the ceiling of the Ichimoku cloud. The bullish demeanour of the Ichimoku lines look to be aiding the price’s recent ascent from 1.9000, which has so far recouped some losses of a three-month deterioration.

The short-term oscillators also reflect the improvement in positive momentum. The MACD, in the positive section, is increasing above its red trigger line as the RSI sneaks into overbought territory. Moreover, the stochastic %K line has turned back up after its recent drop below 80, endorsing the positive climb.

Should the bulls persist, a more sustained thrust would be required to overcome the resistance zone of 1.9880-1.9972. The region consists of the 100-day SMA, at the upper surface of the cloud, and the 200-day SMA located at the 50.0% Fibonacci retracement of the up leg from 1.8276 to 2.1675. Surpassing these obstacles, the 2.0115 resistance may impede the push towards the 38.2% Fibo of 2.0378 and the 2.0475 high overhead. Overtaking the latter, the price may test the 2.0713 high ahead of the 2.1000 handle.

Otherwise, if the nearby moving averages cap upside moves, initial support may occur at the 1.9632 low, where the red Tenkan-sen line lies, before the 1.9473 level and blue Kijun-sen line come into view. A step underneath may face the 50-day SMA at 1.9370 prior to the lower boundary of the cloud. Moving back below the cloud, the pair may challenge the key trough of 1.9000.