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.

During the Asian session, the quotes for the NZD/USD pair traded at 0.6000.

Growth is possible.

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, a downward correction has ended as the second wave ii of 3, and the third wave iii of 3 has started, within which the wave (i) of iii is developing. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6225–0.6365. In this scenario, critical stop loss level is 0.5845.

After the publication of negative macroeconomic data from New Zealand, the NZD/USD pair is declining, approaching the support level of 0.5928.

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.

The NZD/USD pair is trading within the medium-term downtrend, holding around 0.5951.