The medium-term structure on NZDUSD hints at a standard zigzag pattern consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ.
The primary wave Ⓐ comes in an impulse move that is unfolding in a bearish 5-wave manner of the intermediate waves (1)-(2)-(3)-(4)-(5).
The most structurally supporting scenario suggests that the market has completed the correction wave (4). A decline in the wave (5) can be then expected near 0.626, as the minor degree impulse indicates.
The target is the 78.6% extension of intermediate impulse wave (3).
In this case, minor wave 3 can extend to lower lows as it is usually the largest impulse wave. When comparing the two structures, minor 3 is where minor 5 is expected to end in the first scenario.
A potential target for minor wave 5 is the 0.620 area -i.e. where intermediate waves (3) and (5) are equal.