The chart shows the weekly NZD from the post float highs in 2011.
The NZD advanced in a five wave pattern into the 2011 high and now has corrected in a three wave (ABC) pattern near the 61.8% extension of the first down wave.
NZD has broken the latest down trend channel, but we have discussed if it will hold the breakout.
The question is has the NZD ended the correction or will it continue lower to the 100% extension near .5922.
The NZD advanced in a five wave pattern into the 2011 high and now has corrected in a three wave (ABC) pattern near the 61.8% extension of the first down wave.
NZD has broken the latest down trend channel, but we have discussed if it will hold the breakout.
The question is has the NZD ended the correction or will it continue lower to the 100% extension near .5922.