NZDUSD can be trading in a bigger triangle correction, which is fully visible on the weekly chart. Here on the daily chart, we observe current recovery as wave A) as part of a leg C of a triangle, which can once complete push price into the following leg D (ideally around the Fibonacci ratio of 61.8.). That said, leg A) can look for resistance and a push into a corrective wave B) around the 0.704 regions.
Now on the 4h charts, we can see that NZDUSD made a nice three-wave drop at the start of December, which we labeled as a corrective pause within higher degree leg A). This corrective retracement now looks completed at the 0.6777 level from where a new intra-day rally started to unfolded, which can be part of a final leg 5 of A). In that case, more upside may follow in a five-wave recovery above the 0.697 level for a final leg 5.
NZDUSD, 4hGet the 5 most predictable currency pairs