Against the stabilization of the American dollar, the NZD/USD pair is trading near 0.5884, without any support from the poor macroeconomic statistics.

The NZD/USD pair is showing weak growth, developing the "bullish" signal formed the day before, when the instrument managed to retreat from the local lows of November 2, 2023. The quotes are testing 0.5920 for a breakdown, while trading participants expect new drivers to appear on the market.

The price is in a correction and may grow.

On the daily chart, the upward wave of the higher level (C) develops, within which the entry first wave 1 of (C) formed, a downward correction ended as the second wave 2 of (C), and the wave 3 of (C) develops. Now, the first wave of the lower level i of 3 has formed, and a downward correction is ending as the second wave ii of 3, within which the wave (c) of ii is ending. If the assumption is correct, after the correction, the NZD/USD pair will grow to the area of 0.6365–0.6542. In this scenario, critical stop loss level is 0.5768.

The NZD/USD pair broke through the support level of 0.5946 and headed towards 0.5865 against the strengthening of the American dollar against all major competitors after the publication of strong macroeconomic statistics.

Since the beginning of April, the NZD/USD pair has been trying to correct within the medium-term downtrend: currently, growth has slowed down around 0.6042 (Murrey level [2/8]), as investors await the outcome of the Reserve Bank of New Zealand (RBNZ) meeting and the publication of March inflation data in the United States, both of which will take place on Wednesday.