The NZD/USD pair has consolidated above the 0.5992–0.5981 area this week and is trading at 0.6022.

The possibility of growth remains.

On the daily chart, an upward wave of the higher level (C) is being constructed, within which the entry first wave 1 of (C) appeared, a downward correction as the second wave 2 of (C) has completed, and wave 3 of (C) is being formed. At the moment, the first wave of the lower level i of 3 is observed, the downward correction as the second wave ii of 3 is completed and wave iii of 3 is formed, within which wave (i) of iii continues to develop. If the assumption is correct, the NZD/USD pair will rise to the area of 0.6225–0.6365. The level of 0.5876 is critical and stop-loss for this scenario.

The NZD/USD pair is correcting due to the American dollar stabilization, trading at 0.5991 against poor macroeconomic statistics from New Zealand.

The NZD/USD pair is consolidating near 0.6010, and also remains in the area of local highs from April 10, updated at the end of last week. Pressure on the position of the American currency on Friday was exerted by the labor market report, which increased pressure on the US Federal Reserve regarding a possible reduction in borrowing costs in the near future.

On the four-hour chart of the NZD/USD pair, a large Double Bottom graphic pattern is observed at the level of 0.5879, from where the price reversed upwards. It is also worth highlighting the formation of the Hammer pattern at this level, which confirmed the growing strength of the "bulls". Currently, the asset’s quotes are trading near the resistance level of 0.5997, having formed "bullish" candlestick patterns Morning Star and Inverted Hammer. Most likely, the price of the NZD/USD pair will continue to develop upward dynamics to the resistance level of 0.5997, overcoming which will become a catalyst for opening long positions with targets in the area of 0.6055–0.6175. An alternative scenario is likely if the "bears" manage to consolidate positions below the level of 0.5919, then one should expect an increase in negative dynamics in the area of 0.5825–0.5771.