Growth is possible.

On the daily chart, a downward correction of the higher level ended as the wave (B), and the upward wave (C) develops, within which the entry first wave 1 of (C) formed. Now, a downward correction has ended as the second wave 2 of (C), and the development of the wave 3 of (C) is starting, within which the wave (i) of i of 3 is developing. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6411–0.6540. In this scenario, critical stop loss level is 0.5774.

Main scenario

Long positions will become relevant above the level of 0.5774 with the targets at 0.6411–0.6540. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.5774 will let the asset go down to the area of 0.5510–0.5250.