The wave ii of 3 rally has been bigger than first expected, but I think we are very close to a top and the beginning of the next major decline towards at least 0.7402 with the possibility of a deeper decline towards 0.6979.
Short term it will take a break below 0.8008 and more importantly a break below 0.7957 to confirm the to and the development of wave iii of 3 lower.
For the aggressive trader this poses an low risk Trading opportunity selling NZD here with a stop just above the former top at 0.8163, that's a risk of a little more than 1% it doesn't get much better than that.
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