NZDUSD made a strong and sharp breach recently, out of a Elliott wave channel, which we see it as a confirmation that higher degree red wave C) is completed, and that a change in trend from bearish to bullish can be here. As such we expect a minimum three-wave reversal to follow, with wave A or 1 leading the way. That said, we can see that wave A or 1 is completed at the 0.7261 level so current minor drop can be a temporary correction labeled as wave B or 2 in progress, which can see support and a bounce near the 0.7206-0.7192 region.
NZDUSD, 1H
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