New Zealand Dollar Higher in Wave C

Commentary: On Friday, we wrote "look for a drop below .6834 to complete the decline from .7272, which would be wave b in the correction from .6639. Potential support is the 78.6% of .6639-.7272 at .6775.

A strong rally in wave c is expected to register a new (above .7272)." Afer dropping below .6834, Kiwi has reversed and is working higher so there is no change to the outlook for a continued rally. A bullish bias is warranted as long as price is above .6824.

Strategy: Bullish now, against .6824, target above .7272