A strong and clear impulsive structure on the New Zealand/U.S. dollar (NZD/USD) currency pair that started near December of last year found a top at the 0.7435 level. We labeled this part as wave 3 of a bigger impulsive cycle. That said, the following three-wave retracement down from the same level can be regarded as a complex correction of wave 4, that is showing signs of a completion at the 0.7174 level. We can see price strongly turning to the upside, which suggest a five-wave recovery in progress within wave 5.