The probability of a decline remains.

On the daily chart, the downward wave of a higher degree (C) of B and the fifth wave 5 of (C) are forming. Currently, the third wave of a lower degree iii of 5 and the third wave (iii) of iii are developing. If the assumption is correct, the NZD/USD pair will fall to the area of 0.5400–0.5000. The critical stop loss level for this scenario is 0.5750.

The NZD/USD pair is moving within a long-term downward trend, forming a corresponding channel, which it attempted to exit in the middle of last month, breaking through the upper border: the price tested 0.5737 (Murrey [6/8]) and reversed downwards.

The NZD/USD pair is correcting near the level of 0.5784, while macroeconomic statistics from New Zealand remain neutral.