New Zealand Dollar Close to a Major Top

[B]Commentary:[/B] We wrote last week that Kiwi could test “.7848-.8093 in the next couple of weeks (this is the 100%-161.8% of .7237-.7637/.7452).”

The high today is at .7840 so the bull run may be complete. A 5 wave decline would confirm this but it is possible to count an ending diagonal from .7237 and channel resistance is at today?s high. These are the kind of patterns that lead to sharp reversals. Coming under .7791 signals additional bearish potential.

[B]Strategy:[/B] Move to flat, bearish on break of .7791.