We wrote Friday that “although the major top is probably in place at .8215, the fastest part of the decline is probably about to begin.”
This outlook holds as long as price is below .7747 although the larger bearish bias is valid below .7935. The broken support line that was mentioned in the weekly chart is shown in this short term chart. The break occurred in late April and the Kiwi tested the line as resistance last Tuesday. The failure at that level inspires confidence in the bearish bias.
STRATEGY: Bearish, against .7747, target TBD