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Looking at the 1H timeframe for the NZDUSD currency pair, we see that the market has already completed the formation of a cycle actionary wave y.

In the last section of the chart, we can see the formation of a new bullish trend. Most likely, there is a construction of the primary wave Ⓐ. This could take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5).

Bulls could push prices to 0.671. At that level, intermediate wave (5) will be at 50% of intermediate impulse wave (3).

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An alternative scenario suggests that the primary wave Ⓐ is fully completed. It represents an intermediate impulse (1)-(2)-(3)-(4)-(5), and a bearish correction is already under development.

The primary correction Ⓑ could take the form of an intermediate zigzag (A)-(B)-(C). Currently, impulse (A) and correction (B) look formed as part of this zigzag.

Most likely, the price in the last intermediate wave (C) will fall to 0.601. At that level, it will be at 50% of primary impulse Ⓐ.

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