The current chart shows that NZDUSD in the long term may form a corrective zigzag pattern consisting of primary waves.
The first impulse wave. has been successfully completed. A bearish correction. is under development, the internal structure of which is similar to a zigzag (A)-(B)-(C). Impulse (A) and correction (B) can be considered completed.
In the near future, the price may drop in the intermediate impulse (C) to 0.590. At that level, primary correction will be at 61.8% of actionary wave.
Alternatively, only the first impulse wave (A) is completed inside the primary correction, and the intermediate correction (B) is likely to continue to form.
It is assumed that the correction (B) takes the form of a minor triple zigzag, in which the first four parts could end. In the near future, market participants may observe a rise in the price in the final actionary wave Z.
Most likely, the price will rise to 0.643. At that level, correction (B) will be at 76.4% along the Fibonacci lines of impulse (A).
-(B)-(C). Impulse (A) and correction (B) can be considered completed.){kind=link}