NZDUSD continues to range and may be forming a triangle. Since triangles are continuation patterns, then we would expect the break to occur to the upside. However, it is unclear where a triangle would fit in the larger pattern. Also, the decline from .7966 to .7781 is in 5 waves and the rally from .7781 was an a-b-c rally with wave b as a triangle. The decline from .7956-.7814 is best counted as in 5 waves; and not having established a new low suggests that price will come under .7814 and then .7781 in coming days.
STRATEGY: Bearish, against .7917, target below .7781
