The short term NZDUSD pattern is a beautiful depiction of a free market’s fractal nature. The decline from .6550 to .6240 was in 5 waves and the subsequent rally to .6400 was in 3 waves. Similarly, the decline from .6400 and rally to .6345 was of the same form but at one less degree of trend. The downside is favored against .6400 in anticipation of a break below .6150.