Freepik

NZDUSD is trading south for the last few weeks, but can be an impulsive wave C when looking a the daily chart, meaning that despite some strong leg down there can be a limited weakness and change in trend still this year. Wave (C) is a motive wave, so we need five subwaves down before the market can complete the current bearish sequence. Well, the market came to a new low recently, but it's not clear if that's wave 5 bottom or maybe will wave 4 be more complex, so we will have to wait on more price data first. Looking at the 4-hour chart there is actually a chance for a triangle in 4 or wedge pattern within wave 5 while the market trades below 0.6 resistance.

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