The current NZDUSD structure on the 1H timeframe suggests a completed cycle zigzag pattern. This consists of subwaves a-b-c. Cycle wave c is an ending diagonal consisting of primary sub-waves ①-②-③-④-⑤.
Most likely, the formation of a new bearish trend is observed in the last section of the chart. This could take the form of a primary impulse ①-②-③-④-⑤.
Perhaps the first four parts of the potential impulse have ended. In the near term, we can expect a decline in the sub-wave ⑤ near 0.562. This sub-wave can take the form of an intermediate impulse (1)-(2)-(3)-(4)-(5)
At that level, wave ⑤ will be at 161.8% of primary impulse ③.
Alternatively, it is assumed that only correction b has come to an end. The final primary wave Ⓩ took the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree.
Not so long ago, the corrective movement of the wave (Z) was completed. The wave (Z) is similar to the minor double zigzag W-X-Y.
Thus, in the next coming trading weeks, the price could rise and the development of a bullish cycle wave c in the direction of the 0.721 level.