New Zealand Dollar Ready to Plummet In Wave 3

[B]Commentary[/B]: We wrote yesterday that “very short term (15 min chart), there are 5 waves down from the top (.7637), which indicates additional bearish potential. We will look to align with bears on a setback at .7535 and are targeting the May low at .7238. .7637 is the line in the sand.”

Kiwi reversed at .7540 early this morning and we are positioned for the next leg down. It is certainly possible that a correction extends higher but as long as .7637 is intact, the structure is bearish. The 161.8% extension of wave 1 is at .7284. [B]Strategy[/B]: Bearish at .7535, against .7637, targeting .7284.