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New Zealand Dollar Significant Top in Place? New Zealand Dollar Significant Top in Place?
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Old 07-06-2007, 09:01 AM
DailyFx's Avatar
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Default New Zealand Dollar Significant Top in Place?
Commentary: The short term structure in Kiwi is also unclear. Kiwi is at an interesting point. The pair may be in the early stages of a significant reversal. The decline from .7463-.5928 was most likely an A wave and the rally since has been wave B.

Within wave B, the rally from .6719 is nearly equal to the .5928-.7096 rally and .7878 is the 127% of .7463-.5928. The high yesterday was at .7879. This is a common relationship in a flat (wave B is usually retraces between 100%-138.2% of wave A). If our count is correct then wave C is underway and the decline should accelerate in the next few weeks.

Strategy: Bearish now, against .7879, target TBD
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