New Zealand Dollar / US Dollar
The NZDUSD reversed at the point that the rally from .5484 equaled the .4890-.5987 rally (.6581). This level is defended by the 50% retracement of the decline from .8220-.4890; at .6555. I wrote yesterday that “the subdivisions are clear and I favor the idea that the NZDUSD has topped.” The decline from the top (.66) is an impulse. Expect a corrective advance back to .6400/50 before the resumption of the bear.
Al Bawaba
