The NZDUSD formation hints at the completion of a large intervening wave x of a cycle degree. Most likely, it has fully completed its pattern, taking the form of a primary double zigzag.
Thus, in the last section of the chart, we see an upward move, which may indicate the development of the initial part of the cycle wave y. This could also be a primary double zigzag, as shown in the chart.
Let’s pay attention to the first actionary wave Ⓦ, which is currently under development. It could have a standard (A)-(B)-(C) zigzag structure. Its completion is expected near the maximum of 0.731, which was formed by the intervening wave Ⓧ.
Let us consider an alternative scenario in which the formation of the cycle intervening wave x is not yet completed. Perhaps the final wave Ⓨ is not a double, but a triple zigzag, consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
If this is the case, then in the near future the price will continue to decline within the final actionary wave (Z) to 0.679. At that level, wave Ⓨ will be equal to wave Ⓦ.
Then the bulls can start leading the market above the maximum of 0.709 formed by the intervening wave (X).