NZDUSD: Bulls Target 0.658 As Part Of Double Zig-Zag
The current formation on NZDUSD shows a cycle degree intervening wave x, as part of a triple combo wave. At the time of writing, we can notice that wave x could be a bullish double zigzag consisting of primary sub-waves Ⓦ-Ⓧ and Ⓨ.
With Ⓦ and Ⓧ completed, the market structure indicates that wave Ⓨ is still under development. However, the intermediate sub-waves in the Ⓨ structure are nearly done too, as (A) and (B) are fully completed.
The structure in the lower timeframe of 1H suggests that wave (A) is a bullish 5-wave impulse, wave (B) is a triple combo W-X-Y-X-Z and (C), nearing its final target also as an impulse.
Since most of the minor degree waves of the impulsive wave concluded their course, we could now expect a minor correction which could have the market sliding in the short-term.
With minor 5 not having started yet, we could see an appreciation near the 0.658 area as part of the 100% Fibonacci extension of waves (A) and (B).