Due to the risk of China, NZD & AUD pairs are good to sell the risk. Due to disputes in China Sea, trade problems with US and financial & political (Hong Kong) stability risks in China, risk is high.
Technically,
Weekly chart starting from May 2014 high, I see the pattern as an ABC correction (zig-zag).
On daily chart we are in C leg of ABC zig-zag wave
C leg is formed with 12345 diagonal sub-wave. I believe we are in 2nd leg of this sub-wave which is a correction pattern.
On 4 hours chart, most likely target areas for sub-wave and main waves are marked