Overview:
The price of NZD/USD pair has set below the double top (0.7785) since yesterday. Also, it should be noted that the price has formed a strong resistance level of 0.7797. Furthermore, this strong level has still been moving between 78.6% of Fibonacci retracement levels and 38.2% in H1 chart. Additionally, the NZD/USD pair has fallen from the level of 0.7797 extended further to as low as 0.7755 today. Hence, the market is likely to start showing signs of a bearish bias again in order to indicate a bearish opportunity from the level of 0.7797 to 0.7750 with targets towards strong support around 0.7706. Meanwhile, the bears were forced to pull back at the level of this area which coincides with the ratio of 38.2% Fibonacci retracements levels. Therefore, this level will form strong support at 0.7706 in order to indicate a bullish opportunity above support. So, it will be a good sign to buy in the long term above the price of 0.7706 with the first target at 0.7761 in order to test the minor resistance and it might resume to the 0.9797 price.