The NZD/USD pair is moving within a long-term downward trend, forming a corresponding channel, and in the middle of last month attempted to exit it through the upper border: the price tested 0.5981 (Murrey [6/8]) and corrected downwards.

The decline could continue.

On the weekly chart, the downwards second wave of a higher level B and the third wave (C) of B are developing. Currently, the fifth wave of a lower level 5 of (C) is forming, within which the first wave i of 5 and a correction as the second wave ii of 5 have ended, and the third wave iii of 5 has started. If the 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 0.5990.

Against a local strengthening of the American dollar, the NZD/USD pair is correcting near the level of 0.5917, supported by macroeconomic statistics from New Zealand.