New Zealand Dollar Remains Bullish

Commentary: The Kiwi structure is unfolding as expected. We wrote yesterday that “a correction is likely complete at .7005 and we expect the rally to accelerate in the next few hours in a 3rd wave.

The rally accelerated and the pair has exceeded the wave a high of .7272. Bullish objectives are the 100% ext. of .6639-.7272/.6824 at .7456 and the 61.8% of .8108-.6639 at .7547. We would like to update the bullish objectives to .7547/89. .7589 is the 161.8% ext. of .6824-.7185/.7005. Near term support is at .7323 and .7227.

Strategy: Remain bullish, keep risk at .7005, target .7547/89