Commentary: Kiwi is in a similar situation (compare to the Aussie). Last week, we wrote that “there are a few valid waves counts at the current juncture but look for a test of the 100% extension of .6639-.7026/.6886 at .7273 before reversal potential.”
The high in the NZDUSD today was at .7271, which is the 100% extension. A small 5 waves down would indicate bearish potential. For now, there is no evidence of a top.