New Zealand Dollar Chops Higher

Commentary: The Kiwi structure is unfolding as expected. Be careful here though because the first bullish objectives (the 100% ext. of .6639-.7272/.6824 at .7456) has already been hit.

The next potential resistance levels are the 61.8% of .8108-.6639 at .7547 and .7589, which is the 161.8% ext. of .6824-.7185/.7005. .7325 is near term support. A deeper correction would potentially test .7227.

Strategy: Remain bullish, move risk to .7185 (from .7005), target .7547/89