The NZDUSD drop from 0.6942 levels would be completing an impulse drop around 0.6700 levels. A corrective rally could be in the making after that which can push prices back above the 0.6800 handle. Another look at the structure since NZDUSD made a high at 0.6975 levels reveals that it has been consolidating and could end up producing a flat or a triangle. Please note that a drop to 0.6700 levels from here would complete the minimum criteria towards a flat corrective structure from 0.6975 through 0.6700 levels respectively. If the above holds true, NZDUSD could resume a multi week rally towards 0.7100/7200 levels going forward. If a triangle is unfolding, we would have to wait longer for prices to break higher.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.