Since the top in July at .8108, we contend that the NZDUSD is tracing out a large expanded flat. Wave B of the flat could test .8504 (127% of A) or .7634/69 (100% extension of a within B and 138.2% of A). The rally from .7874 is an impulse, which warrants a bullish bias. Near term, the entire rally from .7383 may be taking the form of an ending diagonal (overlapping and each leg consisting of 3 legs).
STRATEGY: Bullish, against .7874, target .8480
