The NZD/USD pair is strengthening, trading at 0.6129 against positive macroeconomic statistics from New Zealand and a local decline in the American dollar.

The NZD/USD pair broke through 0.6070 and consolidated higher, heading towards 0.6205. Positive dynamics are developing against declining inflation in the United States. The April consumer price index amounted to 0.3% MoM, below the forecast of 0.4% and the previous value of 0.4%. The core figure was 0.3% MoM, as expected, down from 0.4%.

The NZD/USD pair shows multidirectional dynamics, remaining close to 0.6120 and updating local highs from March 15. The day before, the instrument showed a sharp increase due to the publication of inflation statistics in the United States.

The possibility of growth remains.

On the daily chart, an upward wave of the higher level (C) is being developed, within which the entry first wave 1 of (C) appeared, a correction as the second wave 2 of (C) has completed, and wave 3 of (C) is being formed. At the moment, the first wave of the lower level i of 3 has appeared, a correction as the second wave ii of 3 is completed and wave iii of 3 is formed, within which wave (i) of iii continues to develop. If the assumption is correct, the NZD/USD pair will rise to the area of 0.6225–0.6365. The level of 0.5876 is critical and stop-loss for this scenario.

Since the beginning of this month, the NZD/USD pair has resumed its growth and is now trading around 0.6030 after the publication of data from the American labor market.