New Zealand Dollar Triangle Breakout

[B]Commentary:[/B] We wrote of two scenarios yesterday. One had a flat unfolding, which means that a rally will occur towards the 38.2% of .8107-.7550 at .7762. The other was a triangle, which would lead to a thrust lower.

We favored the flat scenario and were wrong in doing so as the weakness this morning gives scope to the thrust lower from the triangle. Look for a decline below .7531 towards chart support at .7452 (6/13 low).

[B]Strategy:[/B] Flat