Price previously was in a strong downtrend on the NZDUSD, but no trend lasts forever. The market is now reversing making a bullish which in the bigger picture it's bullish. We have a clear impulse structure 1-2-3-4 expecting 5 to be extended why? Look at wave 3 extension not really strong although it's possible I'm wrong that the 1-2-3-4-5 is complete with the fifth wave as the Ending Diagonal which on the chart above I labeled as a Leading Diagonal Pattern.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.