In mid-June, the NZD/USD pair resumed its decline within the long-term downtrend after correction: the price reversed around the level of 0.6225 (Murrey level [6/8]), moved into the negative part of the Murrey trading range and is now close to its lower limit in the area of 0.5859 (Murrey level [0/8]), consolidation below which will allow the quotes to continue moving in the reversal zone to the levels of 0.5798 (Murrey level [˗1/8]) and 0.5737 (Murrey level [˗2/8]). 

The price is in a correction and may grow.

On the daily chart, the upward wave of the higher level (C) develops, within which the wave 3 of (C) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has ended, and a correction is ending as the wave (ii) of iii. If the assumption is correct, the NZD/USD pair will grow within the wave (iii) of iii to the area of 0.6365–0.6540. In this scenario, critical stop loss level is 0.5846.

The NZD/USD pair continues to correct downwards near 0.5967 against the backdrop of the positive dynamics of the US dollar, as well as statistics from New Zealand.