On the NZD/USD we see a nice impulsive decline taking place labeled as red wave 1), and its contratrend development labeled as an unfolding corrective wave 2). If pair is trading as expected, then we can say that the first wave 1) is completed as its five minor sub-waves had already unfolded from the 0.7402 high.
As such recent intraday movement may be a three wave corrective rise with sub-waves A and B probably already completed. That said only wave C of 2) seems to be missing, which can later find its termination point around the 0.7144 level, where previous wave 4 can act as a resistance and a turning point lower.
NZDUSD, 4H
