The probability of decline remains.

On the weekly chart, the downwards wave of a larger degree B and the third wave (C) of B are developing. At the moment, the fifth wave of a smaller degree 5 of (C) and the third wave iii of 5 are forming. If this assumption is correct, the NZD/USD pair will decline to the area of 0.5400–0.5000. The critical stop loss level for this scenario is 0.5992.

Amid the sideways dynamics of the US currency, the NZD/USD pair is rising, trading near the level of 0.5793.

The NZD/USD pair is correcting upwards for the second consecutive week, having overcome the middle line of the Bollinger Bands, and is now testing 0.5737 (Murrey [2/8]), supported by monetary factors.