NZDUSD: 0.647 Likely to Complete Corrective Impulse

We talked about NZDUSD a few sessions back. The current formation hints to a double zigzag pattern consisting of primary waves Ⓦ-Ⓧ-Ⓨ.

The primary structure suggests that waves Ⓦ and Ⓧ are completed, whereas wave Ⓨ is under development.

Wave Ⓨ is a bullish zigzag that seems to be comprised of a 5-wave intermediate impulse wave (A), consisting of minor waves 1,2,3,4, and 5.

A closer look at the 1H timeframe suggests that after the completion of minor wave 4 we could expect wave 5 to extend near 0.647. That would be the duplication of minor wave 3.

Since wave 4 formation resembles a triangle nearing completion, market participants could expect minor wave 5 to start soon.