The NZDUSD has declined impulsively (5 waves) since its 2008 high and that decline was followed by a 3 wave rally (from the November low). The decline from .6090 is now in 5 waves and the risk of a sharp advance back to at least .5454 in a small second wave is high. The close above the trendline from early January as well as divergence with RSI on the daily favors bulls. Bulls can move risk from .4890 to .4975.