NZDUSD seems to be forming a primary impulse wave Ⓐ which is part of a (1)-(2)-(3)-(4)-(5) bearish zigzag of the intermediate degree.
The current structure suggests that we are in a corrective wave (4), and perhaps this wave has not yet completed its pattern.
Wave (4) is taking the form of a double zigzag that consists of three minor sub-waves W-X-Y.
With wave W completed, we can expect the pair to rise in minor Y as a zigzag. The 0.6146 is the 1.50% extension of zigzag wave W. So, it makes a good target for wave (4).
After completing this combination we can expect wave (5) to take the pair towards 0.5468.
Since wave (4) can extend to higher levels with a deeper correction, an alternative scenario should be considered. Instead of a double zigzag, we are forming a triple W-X-Y-X-Z zigzag.
If this hypothesis is correct, then we can expect minor wave Y to end near 0.6146, followed by a decline in wave X near the 0.5962 and then the last upside to complete wave Z.
At the X minor area, the intervening wave X will be at the 61.8% of wave Y.