The price is in a correction and may grow.

On the daily chart, the upward wave of the higher level (C) develops, within which the wave 3 of (C) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has ended, and a correction is ending as the wave (ii) of iii. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6600–0.6850. In this scenario, critical stop loss level is 0.5852.

Main scenario

Long positions will become relevant above the level of 0.5852 with the targets at 0.6600–0.6850. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.5852 will let the asset go down to the area of 0.5700–0.5533.