“Bigger picture, there are 5 waves down from that .6090, suggesting that the long term trend remains down. Additionally, an expanded flat correction has unfolded from the February 2 low (.4958). Weakness is favored against .5939.” NZDUSD sports a head and shoulders top, although the pattern is not as ‘clean’ as the AUDUSD pattern. Still, favor the downside against .5939. Price ideally stays below .5745 but a push above there would not alter the bearish structure.
