NZD/USD - A firm top is likely in place

(Click at the pictures to enlarge)

As it is the case for AUD/USD a firm to is most likely in place in NZD/USD.

After an almost 50% rise (49.45%) the doubl Zig-zag has ended in a expanding triangle and at the same time meet the back side of the long term trend line back from late September 2001, that it broke in late September 2008.

I'm looking for a break below the 70.90 area and more importantly 70.14, that would call for a move down to the bottom of wave b of the second Zig-zag at 66.82. Longer term I expect to see a move down to and below the red wave [A] bottom at 48.90.

A top in AUD and NZD against the USD points towards the recovery coming to and end. The Shanghai Composit has long pointed towards the economy reentering recession and likely even worse (read depression).

I rather be prepared and wrong, than unprepared but right!