New Zealand Dollar Technical Outlook

5 waves down are already complete in the NZDUSD and a corrective advance is underway now.  Wave A of an A-B-C correction is likely complete at .7159.  However, notice that the rally is in 3 waves itself.  This means that a flat is probably underway. 

In a flat, wave B retraces a good deal of wave A (sometimes 100% of wave A).  Expect a choppy decline in wave B, perhaps as deep as .6950 or lower over the next few days before a strong wave C rally begins.