The wave-4 high on the daily at .8034 led to what we viewed (and still view) as a classic wave-5 ending diagonal (falling wedge). Since 5 waves down completed we are looking for a move to .8100 to .8300 to mark a correction of the 2014 decline. The problem is that we cannot yet rule out that the range from October is just a bearish (triangle) consolidation of the 10 figure decline; a move through .7912 is needed to confirm our bullish bias. I have labeled the alternate bear triangle in purple.
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