NZDUSD made five waves of decline from 0.8834 high, which has been high for the year so far. Well, this peak may stay there for some time now as impulsive decline like this confirms a change in trend. With that said, we see NZD in bearish mode now, meaning that we will be looking for even lower levels after any corrective rally. The first (a)-(b)-(c) recovery can already be unfolding now back to 50-61.8% retracement level from where we will pay attention to downtrend continuation signs and potential shorts idea.
NZDUSD 1h Elliott Wave Analysis
