New Zealand Dollar / US Dollar 05-12
Since the October top at 7640, the NZDUSD has stair stepped lower. The structure of the decline at this point is 3-3-5, which is the substructure of a flat. However, there are several variations that would allow for the beginning of a larger decline. As long as price is below 7446, I lean towards a long term bearish position. Watch the short term channel for a break.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.