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NZDUSD Bearish Impulse Begins Final Leg

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NZDUSD suggests forming a bearish trend, which could take the form of a double zigzag w-x-y of the cycle degree. The current chart shows the structure of the final wave y, which is similar to the primary zigzag Ⓐ-Ⓑ-Ⓒ.

Most likely, the latest impulse wave Ⓒ is currently under development. After the end of the impulse decline in the intermediate wave (3), we saw the development of an intermediate correction (4). This structure hints at a triple zigzag.

In the near future, the currency is likley to fall to a minimum of 0.551 in the intermediate wave (5). Also at that level, sub-wave (5) will be at 76.4% of intermediate impulse (3).

Alternatively, it is assumed that the market has already completed the formation of a cycle actionary wave y.

Thus, in the last section of the chart, we can see the formation of a new bullish trend. Most likely, there is a construction of a wave Ⓐ of the primary degree. This could take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5).

Prices will finally move to the previous maximum of 0.646. An approximate scheme of possible future movement is shown on the chart.

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