Growth is possible.

On the daily chart, the upward wave of the higher level (C) develops, within which the entry first wave 1 of (C) formed, a downward correction ended as the second wave 2 of (C), and the wave 3 of (C) develops. Now, the first wave of the lower level i of 3 has formed, a downward correction has ended as the second wave ii of 3, and the third wave iii of 3 has started, within which the wave (i) of iii is developing. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6225–0.6365. In this scenario, critical stop loss level is 0.5845.

Main scenario

Long positions will become relevant above the level of 0.5845 with the targets at 0.6225–0.6365. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.5845 will let the asset go down to the area of 0.5515–0.5300.