I wrote last week that “there is a count in the NZDUSD that calls for a wave 2 high to form before .6090. If this is to occur, then a high should form within the next few days. Short term structure favors a push above .5753 in order to complete wave c of an expanded flat.” The short term bearish structure (head and shoulders) is no longer and Kiwi looks poised to take out last week’s high. Still, the larger structure is bearish as long as price is below .6090 (5 waves down from there.)
