Ichimoku patterns : GBPNZD

With market expectations for a RBNZ rate hike rising and the relatively weak UK house price index, there is a tailwind for the kiwi to stay more supportive against the GBP (lower GBP/NZD) on this front - at least for now. Today NZD is the best performing major currency and GBP is weakening.   

Source : currency-strength

Daily interval :

Yesterday the GBPNZD marked a more than one month low at 1.9527 and then bulls took control of the market and managed to keep the pair above the fibonacci retracement at 61.8%. Breaking under this level may result in a deeper decline. The next support before the 50% retracement is the Ichimoku cloud which is relatively thin and could easily break up. However, if the bulls take control of the market again, they will have to face the resistance at 1.9700 reinforced by the Kijun-line (blue line).

GBPNZD, D1 interval, Source : xStation5

H4 interval :

As we can see on the H4 chart, the Ichimoku cloud is a resistance and follows the fall. The next support can be found at 1.9585 and stands for the neckline of a head and shoulders pattern. The Chikou-span does not face any obstacle (yellow circle) which confirms the bearish outlook from an ichimoku point of view. Breaking under the aforementioned neckline could lead to a deeper decline to  1.9250. To consider a bullish outlook, a rise above the cloud will be necessary

COFFEE, H4 interval, Source : xStation5

Réda Aboutika, XTB France