The NZDUSD patterns (long term and short term) have been unclear for some time. The worst thing to do when a chart is unclear is to force a pattern. Still, the rally through .7966 has cleared things up. The count that we have presented above treats the rally from .7781 to .7927 as wave 1 in a 5 wave advance. An expanded flat follows, which has given way to wave 3. Wave iii of 3 is probably complete or close to complete now. At the current juncture, there is not a good entry point.
Al Bawaba
