On the 4h chart of NZDUSD we can see a nice bearish breakdown to be in progress, with price now specifically trading in the middle of red wave three. As we know, wave 3 is known as the strongest and the steepest wave, which means in our case even more weakness may follow. Well, regarding the intraday view, we see price now trading in sub-wave three, which can see limited downside around the 100.0 Fibonacci ratio and make a temporary reversal into wave 4.
NZDUSD, 4H
