One of our interesting pairs for more weakness this week is NZD/USD after nice and clean five wave drop from 0.7053. We know that this structure shows us the direction of a trend, so more weakness should come after any corrective bounce. Currently, we are observing a w-x-y pullback in wave 2 up to around 0.6920-0.6980 area where we think that bears could step in; ideally in the next 24 hours.

NZD/USD, 1H