New Zealand Dollar 5 Waves Down Indicates Trend Change

[B]Commentary[/B]: For the first time in a while, we have a clear pattern to work with. The decline from .8108 is in a clear 5 waves and is either larger wave 1 or A of either a 1-2-3-4-5 or A-B-C decline.

A corrective rally should unfold now, and intial resistance is at .7873. We will watch the form of the decline and look for an opportunity to get bearish.

[B]Strategy[/B]: Flat