New Zealand Dollar at Crossroads

Commentary: Kiwi fell to the 161.8% extension of .7891-.7663-.7821. The pair is at a crossroads right now though. A drop below .7435 would make 5 waves from .7891 and give way to a larger upward correction.

A rally through .7663 indicates that the entire decline was just a correction and that a new high will be registered soon.

Strategy: Flat