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. Exceeding that level would shift the odds in favor of a rally through .5454 and potential test of .5630 (Fibonacci) prior to resumption of long term weakness.
