The fall also breaks the 38.2% retracement of the Dec-Mar run-up. The 50% retracement is support at 0.7911 but I would say 0.7800 is likely.
The way it usually goes on a rangebreak is that you get a bounce back to the old range bottom (80.60) before the sustained move lower.
The soft NZD jobs report is the catalyst but more broadly, the carry trade is usually one of the first things to go when risk appetite falls apart.
