The price is in correction; the probability of growth is maintained.

On the daily chart, the downward correction of the higher level as a wave (B) has completed and the development of the ascending wave (C) has begun, in which the entry first wave of the lower level 1 of (C) has appeared. At the moment, the development of the local correction as the second wave 2 of (C) is nearing completion, which includes the formation of the wave c of 2. If the assumption is correct, the upward dynamics in the NZD/USD pair may increase to the area of 0.6540–0.6876. The level of 0.5909 is critical and stop-loss for this scenario.

Main scenario

Long positions are relevant above the level of 0.5909 with targets at 0.6540–0.6876. Implementation time: 7 days and more.

Alternative scenario

Breakdown and consolidation of the price below the level of 0.5909 will allow the trading instrument to continue its downward dynamics to the area of 0.5758–0.5517.