New Zealand Dollar Breaks Through Resistance

Commentary: The Kiwi structure is unfolding as expected. We wrote yesterday that “a correction is likely complete at .7005 and we expect the rally to accelerate in the next few hours in a 3rd wave.”

The rally accelerated and the pair has exceeded the wave a high of .7272. Bullish objectives are the 100% ext. of .6639-.7272/.6824 at .7456 and the 61.8% of .8108-.6639 at .7547. Near term support is at .7227.

Strategy: Remain bullish, move risk to .7005 (from .6824), target .7456-.7547