There are 5 waves down from .7921.
This drop either completes a large C wave or is wave 1 of 3 in a longer term decline. Either way, the NZDUSD is expected to advance in the coming weeks (and maybe months), even if just correctively. The 50% of .7921-.7445 at .7683 is likely and the 61.8%-78.6% at .7740-.7920 is possible, especially since a rally to there would fill the 6/4 gap. Risk can be moved to .7511.
STRATEGY: Bullish, against .7511, target .768 and TBD