Commentary: Strategy has remained flat recently and that is because we have honestly had no idea what is going on with NZDUSD. Yesterday’s violent drop is from the top. Typically, violent declines occur in the middle of moves, not at the beginning. This is why we find this quick decline suspect. That, and that other counts are dollar bearish. The count on the above chart is one that we had showed in previous months and at this point is favored…but confidence is too low for us to commit at this point.
Strategy: Flat
Al Bawaba
