On the 4h chart of NZDUSD, we can see a nice bearish breakdown to be in progress, with the price now specifically trading in the middle of red wave three. As we know, wave 3 is known as the strongest and the steepest wave, which means in our case, even more, weakness may follow. Well, regarding the intraday view we see price now trading in sub-wave four, a temporary correction that may see limited upside around the 0.6952/0.7002 region.

NZDUSD, 4H

(Click on image to enlarge)

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