NZD/USD Trades At New Highs

NZD/USD is trading at new highs, but not fall in love too much with current gains as pair can be in final stages of an ending diagonal. Ideally market will form a top next week around 0.7370-0.7400. We however will have to see a bearish impulse show up, before we may look for any short ideas.

NZD/USD 4 Hour Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns.

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