Growth is possible.

On the daily chart, the upward wave of the higher level (C) forms, within which the wave 3 of (C) develops. Now, the third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has ended, a correction has formed as the wave (ii) of iii, and the wave (iii) of iii has started. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6365–0.6540. In this scenario, critical stop loss level is 0.5847.

Main scenario

Long positions will become relevant above the level of 0.5847 with the targets at 0.6365–0.6540. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.5847 will let the asset go down to the area of 0.5700–0.5539.