New Zealand Dollar Stalling at 38.2%

Commentary: Kiwi is in the exact same position as the AUSUSD. A wave 2 appears to be nearing completion as price has stalled at the 38.2% of the .7785-.7394 decline at .7543. The 50% and 61.8% levels at .7589 and .7635 are potential resistance levels.

The reward/risk ratio is not as good with Kiwi (if bearish) since the pair has only retraced 38.2% of the recent decline.

Strategy: Flat