The Z70 ABS ALARM tells you that the axis has lost home position. Ether you have week batteries, bumped a cable, changed a parameter or disconnected the encoder cable or connection to the motor.
First access the ALARM / DIAGNOSTIC screen.
Press the menu key labeled [MENU].
Look for the menu [ABS-SRV] you may need to arrow right several times with the soft keys. Then press it.
Page down to 2/2 (2nd page) of [ABS-SRV] screen.
Go to parameter #0 and set to a 1 for whichever axis is giving the alarm.
Manually move the axis you are working on to where you believe home position should be(If you are not sure were it should be do not do this procedure).
On the position screen, set the position value for the axis being worked on to 0 by typing X [Input], Y [Input] or Z [Input].
Go back to page 2/2 of [ABS-SRV] screen and set [ORIGIN] to 1 for the axis being worked on.
Jog the axis in question negative until the [STATE] on the [ABS-SRV] page 2/2 screen reads OK (with a Z70 alarm active, this screen will read NG under [STATE]