NZD/USD Price Analysis: Bears lurking at a 38.2% Fibo retracement

Market news

14 April 2022

NZD/USD Price Analysis: Bears lurking at a 38.2% Fibo retracement

NZD/USD bears are lurking at a level of resistance on the H1 time frame.
Bulls struggle at a 38.2% Fibo as markets consolidate.

NZD/USD is testing a 38.2% Fibonacci retracement level and the bears could be lurking here with a view to take the price down for a fresh low. However, the M-formation is menacing as it is a reversion pattern whereby the price would be expected to move in on the neckline for a restest of old support turned resistance:

NZD/USD H1 chart

Currencies. Daily history for Thursday, April 14, 2022

Commodities. Daily history for Wednesday, April 13, 2022

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