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