NZDUSD remains in a small uptrend here on the intraday chart from October 24 low, but upside will likely be limited in the very near future. The reason is a bigger downtrend that we see it in play, while on hourly we see an expanded flat correction; a 3-3-5 pattern which can be now in final stages with current black wave 5 in C). That said, market may turn south from around 0.7120/50 area in the near term.
Interested in our services ? Then visit our homepage at www.ew-forecast.com and take a glace at some of our charts. You can even subscribe to our Twitter account -> @ewforecast
A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
Expanded Flat Pattern: