The Kiwi, aka NZDUSD, was trading sideways for the last year or two, but looks like an accumulation within uptrend, where it can be forming a bullish setup of different degrees. We still believe the Kiwi is pointing higher after recent five-wave rally in the 4-hour chart, but now that is turning sharply down after a completed lower degree five-wave impulse, seems like it's making an A-B-C corrective setback in wave (2) that can retrace the price back to 0.6100 support area before a bullish trend resumes.
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Basic Elliott Wave Pattern Shows that after every five-wave rally, we should be aware of an A-B-C corrective retracement before the bullish trend resumes.
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