New Zealand Dollar Confusing Near Term, Watch Long Term Resistance Line

[B]Commentary[/B]: Kiwi has really been confusing lately. The 5 wave decline from .7637 to .7465 suggested to us that at least another 5 wave decline was going to occur with .7637 remaining intact. This could still happen but with Kiwi pressing up against .7600, our confidence in the bear side is low.

We do not have a strong opinion on NSDUSD at the moment as the rally from .7452 is sloppy so we are looking at the daily chart for perspective. Watch the resistance line drawn off of the May 2006, April 2007, and June 2007 highs for a potential reversal. If the pattern clears up, then we will write about here. [B]Strategy[/B]: Bearish at .7535, against .7637, targeting .7262 (but not too confident right now)