On the 2h chart of NZDUSD
, we see a nice looking structure from 0.6237 area, from where price took off. We are now tracking black wave three, that could reach 0.6700 area, when completed. Price usually makes a corrective recovery, after a five wave structure, and that is why price is now trading in a blue wave 4-circled pullback. The pullback in blue wave 4-circle could reach the fibo. level of 38.2% of previous blue wave 3-circled, before turning to the upside.
Link to our previous counts on this pair :