We proposed a bearish bias yesterday, noting that “the rally from .7536 is in 2 nearly equal legs, therefore it is possible that an important top will form soon and that Kiwi will retrace all of the rally from .7536.
The decline from .7921 is not the clearest 5 wave drop but it can be counted as such. Therefore a bearish bias is warranted against .7921. Look for resistance near .7866.” However, the decline counts better as a double zigzag at this point, so we are standing aside from the bearish bias. We are proposing a bullish count today.