NZDUSD shows an incomplete bearish sequence from February 25, 2021 high favoring further downside. Near term, cycle from May 26, 2021 peak remains in progress as a zigzag Elliott Wave structure. Down from May 26 peak, wave A ended at 0.7125 and wave B rally ended at 0.7242. Wave C lower is in progress as a 5 waves in lesser degree. Down from wave B, wave (i) ended at 0.7161 and bounce in wave (ii) ended at 0.7212. Pair extends lower in wave (iii) towards 0.7112, rally in wave (iv) ended at 0.716, and final leg lower wave (v) ended at 0.7102. This completed wave ((i)) of C in higher degree.
Wave ((ii)) rally ended at 0.7155 and pair has resumed lower and ended wave ((iii)). Down from wave ((ii)), wave (i) ended at 0.7133 and wave (ii) rally ended at 0.7147. Pair turns lower in wave (iii) towards 0.696, wave (iv) ended at 0.7, and final leg lower wave (v) ended at 0.692. This completed wave ((iii)) in higher degree. Bounce in wave ((iv)) is proposed complete at 0.6998. Near term, expect pair to extend lower in wave ((v)) to complete wave C and end cycle from May 26 peak. As far as pivot at 0.7155 high stays intact, rally should fail in 3, 7, or 11 swing for more downside.
