Commodity based currencies are still in consolidation patterns. On the NZDUSD chart, we see a bullish reversal in the making, now in the second leg of a three wave correction in red wave B). Corrections can at times be more complex than usually and that is why we set up a possible triangle formation pattern unfolding in wave B). A triangle pattern is a continuation pattern, that can push prices higher after its completion. That said after black wave E is finished, more upside could follow.
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