New Zealand Dollar Technical Outlook

Published April 3rd, 2008 - 04:53 GMT
Al Bawaba
Al Bawaba

There is no change to the NZDUSD bearish count.  “Our confidence in the bearish count that we proposed a few weeks ago has grown.  We view the rally from .6639 to .8215 as a large expanded flat (A-B-C).  Wave C of that rally is an ending diagonal (waves 1-2-3-4-5 are overlapping and each subdivide into 3 waves). 



Bigger picture, .8215 may be the end of wave B from .5927.  Price is expected to eventually come under .5927.  Near term, the drop below .7865 confirms (with a high probability) that a 3rd of a 3rd wave is underway from .8215.”