NZDUSD is in a strong downtrend for the last few weeks, which is expected to continue soon if we consider a five wave fall from 0.7402 followed by a bounce towards the 0.7171 level, which could be the first leg of a minimum three wave rise in corrective wave 2), labeled as wave A. If that is the case then the overlapped drop from the mentioned level was sub-wave B that looks like a completed triangle correction and current bullish development could be wave C the final leg of this three wave rise. The ideal reversal zone for this whole correction may be around 0.7240 area.

NZDUSD, 4h