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NZD/USD Could Face A Temporary Correction, Corrective Wave Two

NZD/USD Could Face A Temporary Correction, Corrective Wave Two

On the 4h chart of NZD/USD we are observing a nice impulsive decline taking place, ideally as part of a higher degree cycle that may unfold in weeks to come. As we see on the graph, price made a nice a five wave movement to the downside, labbeled as wave 1), followed by current intraday bounce that may be part of an unfolding three wave correction in upcoming wave 2). If that is the case, then NZDUSD could be in for a temporary, slow and overlapping conoslidation that may find some resistance next week around the 0.7190 area and ideally continue lower.

NZD/USD, 4H

NZD/USD 4 Hourly Chart

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