New Zealand Dollar at Down 13 Figures Since End of July

[B]Commentary:[/B] Kiwi is in a similar situation (compared to Aussie). The next potential support level is the 3/6 low of .6719. The extent of the decline from .7701 leaves little doubt that wave 3 is in progress. The good news is that this is wave 3 of larger wave 1. Therefore, we should see a decent sized retracement in the coming weeks in order to position for the next big leg lower.

Near term, the decline is subdividing but a short term bottom should occur soon. A rally to .7201 offers an opportunity get bearish.

[B]Strategy:[/B] Flat