NZDUSD appears to be in a primary impulse wave Ⓒ. This is the final part of the bullish zigzag, consisting of five sub-waves of the intermediate (1)-(2)-(3)-(4)-(5) degree.
The correction in wave (4) completed in a bearish double zigzag W-X-Y.
That is now followed by a 5-wave impulse in wave 5, consisting of minor sub-waves 1-2-3-4-5.
At the time of writing, four parts are complete, and the final leg is expected to conclude the zigzag.
Market participants could see the last upside move in wave 5 near the 0.6690 area. At that level, impulse wave (5) will be at 61.8% of impulse wave (3).
Alternatively, the correction in wave (4) can be expected to last longer, forming a triple zigzag.
The minor degree formation consists of W-X-Y-X-Z waves and has completed four parts of the pattern so far.
Wave z can be expected to end the corrective structure near the 0.6390 area. At that level, a 3-pattern is expected to conclude wave (4) at the trendline support.
A rejection at this level can be expected to trigger the last upside leg near the 0.6690 area.
