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The current structure of the NZDUSD pair hints at the completion of an intervening wave x of the cycle degree. The pattern has taken the form of a primary double zigzag.

In the last section of the chart, we see an upward move, which could indicate the development of the initial part of the cycle wave y. This could also be a primary double zigzag, like the previous wave x.

We can expect the end of the first actionary wave Ⓦ in the area of 0.731. This was formed by the intervening wave Ⓧ.

(Click on image to enlarge)

There is a possible second option, where the formation of the cycle intervening wave x has not yet ended. Perhaps its last primary wave Ⓨ is still under development, or rather its intermediate wave (Y).

Wave (Y) suggests a bearish triple zigzag, which consists of minor sub-waves W-X-Y-X-Z.

In the near future, the pair will continue to decline in wave Z to 0.679, where primary waves Ⓦ and Ⓨ will be equal.