The NZDUSD 12H chart shows a Elliott Wave structure where the market completed a five wave decline followed by an ABC corrective rally and is now forming a bullish flag pattern. The flag is marked by five smaller subwaves moving within parallel boundaries suggesting a corrective phase rather than a strong reversal. The recent move completed wave 5 within the flag and price is now attempting to push higher toward the upper boundary which may act as short term resistance. This development signals a possible short term bullish correction inside a larger bearish structure but the overall trend remains weak unless price can break and sustain above the channel to confirm strength.