New Zealand Dollar Flat Correction?

Commentary: Kiwi has lagged a bit as price has stalled within the former congestion zone (.7531-.7731) but the decline from .7668 is clearly a 3 wave correction?so expect at least a test of the high prior to a larger setback that occurs over the next few weeks.

With 5 waves already up from .6824, the decline from .7668 could be wave a of a larger correction, likely a flat. b waves in flats often test the origin of wave a and it is not uncommon for the b wave to exceed the origin of a. With that in mind, resistance above .7668 is the top of the mentioned congestion zone at .7731. A rally much above .7731 would require us to reassess.

Strategy: Flat