The Kiwi (NZD/USD) has formed what could be a triple top. Three drives to make new highs have failed around the same level (8420-8470). The critical support level to watch is the 8240 to 8260 range. A daily close below that range would signal a possible large decline with no significant pull-back in the kiwi having occurred since December.
This pattern could also be viewed as a broadening formation - each top is slightly higher than the previous one. The base is slightly upward sloping from February but the downside implications are the same. A close above the upper line would negate the bearish scenario. The target on a downside break is at least 2cents but will often be much more.
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