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

Bulls struggle at a 38.2% Fibo as markets consolidate. 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:Information on these pages contains forward-looking statements that involve risks and uncertainties.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EUR/USD Price Analysis: Bulls eye 50% mean reversionEUR/USD has left a W-formation on the hourly chart as defined between the last bearish impulse to the lows, the correction that was followed by a subs
Source: FXStreetNews - 🏆 14. / 72 Read more »

AUD/USD Price Analysis: Bears looking to seize control, break below 0.7400 awaitedThe AUD/USD pair extended its steady intraday descent through the early North American session and dropped to a fresh daily low, around the 0.7415 reg
Source: FXStreetNews - 🏆 14. / 72 Read more »

Breaking: RBNZ hikes rate by 50bps, NZD/USD ralliesThe Reserve Bank of New Zealand met on Tuesday to decide on its official cash rate and has lifted rates by the max expected, 50 basis points to comba
Source: FXStreetNews - 🏆 14. / 72 Read more »

NZD/USD rebounds modestly after hitting monthly lows at 0.6750The NZD/USD trimmed losses during the American session; however, it still heads toward the lowest daily close in a month. The pair bottomed at 0.6750
Source: FXStreetNews - 🏆 14. / 72 Read more »

GBP/JPY Price Analysis: Bears are lurking in monthly structure, 163.50 support eyedGBP/JPY has rallied by almost 1% on the day in an extension of the bullish breakout of the 2021 resistance as per the monthly chart. However, whether
Source: FXStreetNews - 🏆 14. / 72 Read more »

NZD/USD extends the post-RBNZ rejection slide from 200-DMA, drops to near one-month lowThe NZD/USD pair dropped to a near one-month low during the early European session and is now looking to extend the decline further below the 0.6800 r
Source: FXStreetNews - 🏆 14. / 72 Read more »