NZD/USD recovers mildly today but overall outlook is unchanged. Further decline will remain in favor as long as 0.7079 minor resistance holds. Current development suggests that rebound from 0.6804 is complete with three waves up to 0.7217. In other words, larger decline from 0.7463 is not over.
Fall from 0.7271 should target 0.6858 support next. Firm break there will solidify this bearish case, and extend the corrective pattern from 0.7463 through 0.6804 low, to 38.2% retracement of 0.5467 to 0.7463 at 0.6701.
