NZDUSD: The Calm Before a Bearish Storm

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NZDUSD has broken below the 50/20 EMA on the 4-hour timeframe chart. The price experienced a sharp decline, followed by a corrective pause that appears to form an expanded flat correction. Wave (C) completed at 0.5692. The ATR has decreased to 0.00189, while the ADX has dropped to 22.87.

The impulsive move is expected to occur downward. If the price breaks below wave B at 0.55870, it may reverse from the following targeted Fibonacci levels: 0.5555 (1.618) and 0.5470 (2.618).

We will update further information soon.

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