Kiwi has tested and failed at .8020/50 which was the old breakdown level and a large 38.2% retracement. The choppy rally from .77 counts well as an Elliott correction and the impulse lower from .8034 now implies a minimum move back to the recent lows at .7700. (daily) S/t, the 4-hour chart highlights the choppy decline underway and with wave-3 down complete overnight, a wave-4 correction can retrace a portion of the move. The initial retracement zone for wave-4 is .7877/93 where the .382 retrace and wave-2=4 targets align. (240min) Conviction: Med/High Levels: Support – .7832, .7795, .7709 Resistance – .7877/93, .7930, .8020
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