Just like my CADCHF analysis (inserted below), NZDCHF has been dumping like forever but last week, it printed a CHOCH on the daily timeframe. It only makes sense that this pair retraces even though it might want to continue the bearish move. But for now, I speculate that we might see a bullish rally.
Also note that this pair is trading at the extreme price point, so it is only expected that at some point, there will be exhaustion in the bearish price movement for the bulls to enter.
I will be waiting to see a CHOCH on the 1hour timeframe before going long