Commentary: The NZDUSD rally from .7383 is quite ugly but can be counted as a 5 wave advance. Given that the GBPUSD, USDCAD, and AUDUSD all show clear 5 wave moves towards dollar weakness -- and that a countertrend 3 wave dollar rally is expected across the board, it is reasonable to expect a NZDUSD drop to at least .7639 (38.2% of .7383-.7796) before the next advance.
Strategy: Bearish now, against .7933, EXIT near .7700
Al Bawaba
