Looks like dollar is going to take back short term losses. 0.618 common Fibonacci level + Ending diagonal = mighty mixture
Looks like wave 3 was finished. Now wave 4 down to 0.7373-0.7307. Then we can recalculate wave 5 but at least we should hit today's high at 0.7480
Possible range for near future is within 1.1230-1.1465.
We can see 0.7187-0.7414 in kiwi before strong retracement down.
thoughts are in annotations critics and comments are welcome
Description is on the chart. Risk 0.9859 Target A=C=1.0330 EW title for pattern is Inverted Widening Triangle
Yellow - Simple ABC correction. White - Alternative ABCDE correction.
1) EW analysis shows that C= 1.618 * A = 15.75 = 0.5 Fib of whole move up. We are possibly in the last 5th wave down. 2) Trendline support at 15.50 These are potential areas of demand.
If count is valid then this is a deep retracement and the last wave down is expected. 50% of waves 1-3 of C comes exactly to 50% of retracement shown (1174). 61.8% of waves 1-3 of C lies between 50 and 61.8% Fib. So we should watch 1144-1174 as possible area of wave 5 unfolded.
Triangle Wave (B) If labeling is valid the price will make drop down first as wave D. Then one more upside to E and then break down of triangle. Sell climax of wave E or break down of triangle. Risk is above peak of wave C when selling on E or its above E when selling break down. Target 1 = (C) = 0.618 of (A) = 1.51 Target 2 = (C) = (A) = 1.40
diamond target = height + break point = 0.9959
Description is on the chart
Target = Base (widest side of wedge) + breakout point = 49.10
Detailed annotations are on the chart.