Commentary: The large 5 wave advance from .6639-.7891 indicates that the larger trend is up but a larger correction is expected before a resumption of the uptrend. The decline from .7891 has yet to even reach the 38.2% level of the previous rally. As such, the decline from .7891-.7435 is most likely just wave A in a larger A-B-C decline. Wave B may have ended at .7760 and wave C is underway now. Under this count, price is expected to come under .7435 and likely test the 50% of .6639-.7891 at .7265 before the next leg up begins.
The NZDUSD count is more clear than the AUDUSD count. The bearish Kiwi count calls into question our short term bullish stance regarding the AUDUSD.
Strategy: Flat