The current NZDUSD formation hints to a bullish zigzag consisting of waves Ⓐ-Ⓑ-Ⓒ.
The primary-degree structure suggests that waves Ⓐ and Ⓑ are complete. On the other hand, the impulse wave Ⓒ is still under development. It has completed only 3 parts of the 5-wave move.
In the short term, we could see the intermediate wave (4) complete its correction near 0.6330. At that level, wave (4) will be at 50% of wave (3).
Then, the last leg in wave (5) could take the pair above 0.6580. This is above the previous high formed by wave (3).
An alternative view suggests that the intermediate wave (4) could take the form of a triangle. In this scenario, the minor-degree pattern consists of sub-waves A-B-C-D-E.
In the short term, we could wave C completes its correction on the support line, i.e. near 0.6390.
Then, we can expect prices to rise in wave D near 0.650. At that level the correction wave will be at 76.4% of wave C.
After the completion of wave E, NZDUSD can be expected to rise in the final wave (5).
