The current NZDUSD structure on the 1H timeframe suggests the formation of a new bearish trend, which may take the form of a primary impulse ①-②-③-④-⑤. This impulse can give rise to a global zigzag a-b-c of the cycle degree.
Perhaps the first four parts of the potential impulse are fully completed. In the near future, it is expected to decline in the sub-wave ⑤ to 0.585. This sub-wave can take the form of an intermediate ending diagonal (1)-(2)-(3)-(4)-(5)
At the specified level, wave ⑤ will be at 123.6% of primary impulse ③.
Alternatively, it is assumed that the market continues to build a large bullish zigzag of the cycle degree, as part of which correction b has come to an end. The final primary wave Ⓩ, which is part of correction b, took the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree.
Thus, in the next coming trading weeks, price growth and the development of a bullish cycle wave c above 0.721 are possible. Wave c is likely to take the form of an impulse ①-②-③-④-⑤. At the specified price point, the construction of the primary impulse wave ③ is likely to end.
The level of 0.721 is the previous maximum marked by the primary wave Ⓧ, which is not visible on the current chart.