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New Zealand Dollar Decline Corrective New Zealand Dollar Decline Corrective
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Old 07-25-2007, 10:30 AM
DailyFx's Avatar
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Join Date: Jan 2007
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Default New Zealand Dollar Decline Corrective
Commentary: We have been looking for a decline and wrote yesterday that "the form still suggests that any decline will be corrective and that Kiwi is headed higher.

.8247, the 161.8% of .7714-.7940/.7882 is a new target." We still look for Kiwi to advance towards this level over the next few months but a correction is currently playing out. A c wave should come under .7996 in order to complete the correction. Wave c would equal wave a at .7968.

Strategy: Bearish now, against .8107, target .7968
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