New Zealand Dollar In Sharp 2nd Wave Higher

[B]Commentary:[/B] We wrote yesterday that “a clear 5 waves down sets the stage for a longer term decline but immediate risk is to the upside towards .7684 and potentially .7873. We are expecting the rally to unfold correctively and will be looking for an opportunity to get bearish on the bounce.”

So far, there is no evidence that the NZDUSD is ready to roll over so near term risk remains to the upside. Watch for a reversal in the Fibonacci zone of .7765-.7896.

[B]Strategy:[/B] Flat