NZDUSD suggests the formation of a new bullish trend.
Most likely, the wave is currently under construction, which may take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5). It is likely that the long-term intermediate correction (4) will be completed soon. It looks like a double three W-X-Y. The minor wave Y may end at the minimum of the wave W.
In the near future, the price may start moving up in the intermediate wave (5). Its end is expected near 0.678. At that level, wave (5) will be at 61.8% of wave (3).
However, the primary wave can be fully completed. It is an intermediate impulse (1)-(2)-(3)- (4)-(5). Thus, in an alternative version of the markup, a bearish correction is under development.
The primary correctionmay take the form of an intermediate zigzag (A)-(B)-(C).
The first wave (A) has come to an end, correction (B) is expected to develop in the near future, after which the decline will continue in impulse (C) approximately to 0.602. At that level, correction will be equal to half of impulse (A).
