The price action in the circle is not a start of impulsive move.
1) the low had already been placed, the (y) is completed, and NZDUSD is heading higher from here.
2) the most possible outcome is that (y) wave is yet to complete at around 0.886 retracement level.
The dashed line is a parallel to a higher time frame trendline. Look for low time frame entry around there and put the stop loss below the most recent low 0.68600
1) the low had already been placed, the (y) is completed, and NZDUSD is heading higher from here.
2) the most possible outcome is that (y) wave is yet to complete at around 0.886 retracement level.
The dashed line is a parallel to a higher time frame trendline. Look for low time frame entry around there and put the stop loss below the most recent low 0.68600
