New Zealand Dollar Technical Outlook

Bigger picture, the decline from .6090 is in 5 waves. Therefore, at least a 3 wave correction back to .5457 is underway. The bullish target zone / potential topping area for the NZDUSD would be primarily between .5457 (former 4th wave and 50% retracement) and .56 (61.8% retracement). Bulls can move risk to .5140 but place a limit to take profit at .54. The short term pattern indicates that the probability of a drop back to .52 is increasing.