NZDUSD is currently in major wave 2, which appears to be a WXY wave. Wave W was a Flat correction and Wave X was a simple ABC correction. We are now in wave Y and expecting a 535 zigzag.
We are currently seeing the first 5 wave move lower and expecting a 3 wave pullback before seeing another 5 wave move lower.
Trade Idea: - Watch for a 3 wave pullback (correction) - Enter on break of the correction - Price shouldn't go above the invalidation level = stoploss placement - Targets: 0.61 (250pips), 0.596 (350pips)
See below for our last 2 NZDUSD analysis which played out really well!
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