NZDUSD seems to be forming an intervening wave x of a cycle degree. This consists of primary corrective sub-waves Ⓦ-Ⓧ-Ⓨ.
The wave Ⓦ is a bearish standard zigzag, and the intervening wave Ⓧ resembles a bullish triple zigzag pattern. The final wave Ⓨ is at the beginning of its development. It could be similar to the primary wave Ⓦ and will take the form of an intermediate (A)-(B)-(C) zigzag, as shown in the chart.
We can expect the end of the wave Ⓨ near 0.691. At that level, wave Ⓨ will be at the 76.4% Fibonacci extension of wave Ⓦ.
An alternative scenario is indicative of an incomplete intervening wave Ⓧ though. Here it is a bullish double (W)-(X)-(Y) zigzag of the intermediate degree.
In this pattern, we can notice sub-waves (W)-(X) have ended. The actionary wave (W) took the form of a triple zigzag.
Most likely, at the time of writing, the market began to build the final wave of the minor A-B-C zigzag, which can complete the intermediate wave (Y) near 0.734.
At that level, primary wave Ⓧ will be at 76.4% of wave Ⓦ.