Commentary: We maintain that a C wave lower is unfolding from .7403. Wave C would equal wave A at .7161. .7314 is short term resistance but the bearish structure remains intact below as long as price is below .7403.
In the 5 wave rally from.6719 to .7491, the 5th wave is extended. 5th wave extensions are sometimes fully retraced so there is the possibility that Kiwi does not find solid support until .7082 (close to the 50% of .6719-.7491). Kiwi is also testing its 55 day SMA (.7261). Strategy: Bearish against .7403 targeting .7161 and .7082.