EURNZD can be trading within a three-wave bearish reversal, away from the top labeled at 1.7381 level. We can see that former impulse unfolded a nice bullish pattern, which now gives us thinking that maybe a change in trend may follow. Well we see waves a and b completed so current drop can be wave c. A breach below the 1.7145 level would suggest even more weakness.

EURNZD, 1H

S&P500 is trading in a bigger bullish rally, with final wave C leading the way. Wave c is an impulse, which means it must unfold five minor waves, ideally towards the Fibonacci ratio of 161.8.

S&P500, 1H