patelsa
Short

NZDUSD - Potential Short Opportunity

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
21 0 1
Based on the current structure, I see a horizontal triangle. Last week price hit the top of this structure, that could potentially confirm the start of the next (5th) wave down.

Next week price can do one of two things:

1. Continue to move down slowly then into an impulsive move down.
2. Continue into some consolidation before the next impulsive wave down.

Based on the previous structures within wave 3, I am more inclined with option 2. And looking at other NZD-0.09% pairs, which also seem to be going through some sort of consolidation phase.
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