New Zealand Dollar Significant Top in Place?

[B]Commentary[/B]: The short term structure in Kiwi is also unclear. Kiwi is at an interesting point. The pair may be in the early stages of a significant reversal. The decline from .7463-.5928 was most likely an A wave and the rally since has been wave B.

Within wave B, the rally from .6719 is nearly equal to the .5928-.7096 rally and .7878 is the 127% of .7463-.5928. The high yesterday was at .7879. This is a common relationship in a flat (wave B is usually retraces between 100%-138.2% of wave A). If our count is correct then wave C is underway and the decline should accelerate in the next few weeks.

[B]Strategy[/B]: Bearish now, against .7879, target TBD