Kiwi is right at major long-term support of .7684 and we think this level can hold based on the 5-wave decline from the July highs. Waves-2 & 4 were proportionate in time and wave-4 retraced an ideal 38.2% of the previous decline. Finally, the 5th wave is tracing a bullish falling wedge that suggests a correction ahead. (d) S/t, a rally back through .7842 will break recent pivots and the downtrend line from July. Because of the strong downtrend and looming pattern break, our bias is to wait for a large correction and then position for the next downtrend when prices are expected to then break .7684 and head lower still to .73/.74. (240m) Conviction: Med/High Levels: Support – .7661, .7623, .7457 Resistance – .7760, .7842, .7978
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