The primary bearish NZDUSD structure hints at a standard zigzag formation consisting of waves Ⓐ -Ⓑ -Ⓒ.
Wave Ⓐ seems to have ended at the swing low, which gives bulls the opportunity to form a bullish 3-wave pattern in Ⓑ. This wave also resembles a zigzag standard zigzag formation. But, this time, in the intermediate degree; (A)-(B)-(C).
With waves (A)-(B) fully completed, wave (C) could conclude wave Ⓑ near 0.6262. At that level, the primary correction will be at 61.8% of impulse Ⓐ.
Since none of the impulse waves cross an impulse-invalidation level to the upside so far, we can also assume that the bearish move is incomplete.
This alternative scenario sees the current minor A-B-C correction as an intermediate wave (4).
Based on this wave structure, we can conclude that at the time of writing, the 3-wave structure resembles an ending zigzag.
A decline below 0.5471 can be expected when keeping in the alternative play in mind. That is below the previous low formed by the intermediate wave (3).