Commentary: We would still like to see a larger corrective setback in the Kiwi before committing ot he bull side but we have presented an alternate (immediately bullish) count in red letters. 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 with the current advance as wave B. However, a rally through .7891 would force us to switch our count to the alternate (in red) bullish count.
Strategy: Flat