NZD/USD: Unfolding A Temporary Correction

As expected, there was a nice move down on the Kiwi after we noticed a five-wave rise from lows. So, a deeper a-b-c correction can be underway towards the projected 0.6700 – 0.6670 support area, right around ideal 61.8% Fibonacci retracement. In case if we see a much deeper decline, keep in mind that we remain bullish as long as the price keeps trading above 0.6580 invalidation area.

NZD/USD, 1 Hour Chart

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