New Zealand Dollar Very Bullish

Commentary: The Kiwi structure is unfolding as expected. That is, the rally from .6824 is impulsive (5 waves), indicating additional upside potential. We wrote last week that “near term, expect a drop below .7064 to complete a the correction from .7185 before the next advance.”

That correction is likely complete at .7005 and we expect the rally to accelerate in the next few hours in a 3rd wave.

Strategy: Remain bullish, against .6824, target above .7272