Whatever falls a long way in a hurry is also likely to retrace in a hurry. NZD/USD has just completed a 5-wave third phase which ended at .7470. The retracement looks to have a bit more upside in it, with the 38.2% at .7890 the obvious first target and even possibilities from there for a full 61.8% pullback towards .8150. Nevertheless bears look to be in command here, so rallies are for selling; wait for a daily high to form at an important resistance level and then jump in.
