The NZDUSD has declined impulsively (5 waves) since its 2008 high and that decline was followed by a 3 wave rally (from the November low). The drop from .6090 is viewed as beginning of the next bear leg. Staying below .5201 keeps structure bearish. However, the decline from .6090 is now in 5 waves and the risk of a sharp advance back to at least .5454 in a small second wave is high.
