At the end of May, AUD/NZD began to fall sharply, but it dropped only in three waves a-b-c, which is a corrective movement, where wave c ended with five waves and this is something completely normal in EW theory because we know that wave c is a motive wave.

So, after that a-b-c corrective decline, AUD/NZD found support at 1.0655 level, from where it sharply bounced last week and since we have seen a break above channel resistance line, it seems like a new bullish cycle can be on the move towards 1.10 – 1.12 area, which should be unfolded by five waves.

Bullish trend is actually not confirmed yet because it's still trading below the previous wave b swing high at 1.09 level and there's still a chance that maybe something more complex, but based on the wave structure and price action, we assume that sooner or later 1.09 level will be taken out.
So, be aware of more upside and any drop should be only a temporary correction within an uptrend.

AUD/NZD, 1H