On the 1H timeframe, NZDUSD seems to be forming a bearish trend.

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This could take the form of a double zigzag w-x-y of the cycle degree. The current chart shows the structure of the final wave y, which assumes a primary zigzag Ⓐ-Ⓑ-Ⓒ.

Most likely, the primary impulse wave Ⓐ and the bullish correction Ⓑ have ended. The final impulse wave Ⓒ is currently under construction. After the end of the impulse decline in the intermediate wave (3), the development of an intermediate correction (4) began. The initial part of which hints at a double zigzag.

The end of the potential double zigzag is likely to reach 0.593. At that level, correction (4) will be at 61.8% of impulse (3).

Alternatively, it is assumed that the market has already completed the formation of an intermediate correction (4). This was a standard zigzag pattern.

Once the correction has been completed, we can expect the development of a bearish final wave (5) of the intermediate degree.

The price within wave (5) could fall to 0.548. At that level, primary impulse waves Ⓐ and Ⓒ will be equal.

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