NZDUSD suggests NZDUSD is in a bearish tendency. It could take the shape of a double ZIGZAG w-x y of the degree. The current chart shows the structure of the final wave y, which is similar to the primary zigzag Ⓐ-Ⓑ-Ⓒ.
Most likely, the latest impulse wave Ⓒ is currently under development. The intermediate correction was formed (4) after the impulse decline in wave 3 (3). This structure suggests a triple-zigzag.
The currency will likely fall to a minimum level of 0.551 in the next wave (5). Sub-wave 5 will also be at the same level as intermediate impulse (3) at 76.4%.
Or, you could also assume that the market has already formed a wave actionary cycle y.
The chart’s last section shows us the formation of a bullish trend. Most likely, there is a construction of a wave Ⓐ of the primary degree. This could be in the form of an impulse from the intermediate degree (1)–(2)-(3)–(4)-(5).
The prices will eventually move back to their previous maximum of 0.646. On the chart is an estimate of future movement.
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