NZDUSD Elliott Wave Analysis, 4 Hour Chart, Monday, Nov. 13 

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New Zealand Dollar/U.S. Dollar (NZDUSD) 4 Hour Chart

NZDUSD Elliott Wave Technical Analysis

Function: Trend

Mode: impulsive  

Structure: blue wave 3 of 1

Position: black wave 1

Direction Next Higher Degrees: blue wave 3(may started)

Details; Blue corrective wave 2 looking completed between fib level 50.00 to 61.80. Now blue wave 3 may start. Wave Cancel invalid level: 0.57744.

The "NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 13 November 23, provides an in-depth examination of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair. Using Elliott Wave analysis, the report aims to offer traders insights into potential price movements, particularly focusing on medium-term trends.

The "Function" is identified as "Trend," indicating that the prevailing market sentiment is directional. This suggests that the market is currently in a phase where a significant move in one direction is expected.

The "Mode" is labeled as "Impulsive," signifying that the current price movement is part of a strong, trending phase. Impulsive waves are characterized by strong and rapid price movements in the direction of the prevailing trend.

The "Structure" is described as "Blue wave 3 of 1," suggesting that the market is in the third wave of a larger degree, possibly the beginning of a new trend.

The "Position" is recognized as "Black wave 1," indicating the current location within the broader wave count. Wave 1s are typically the initial phase of a new trend.

Regarding the "Direction Next Higher Degrees," the analysis suggests that "blue wave 3 (may have) started." This implies that the market might be entering a strong upward trend as part of the larger degree wave count.

In terms of "Details," the report notes that "Blue corrective wave 2" is considered completed, falling between the Fibonacci levels of 50.00 to 61.80. This signals the end of a corrective phase, potentially paving the way for the start of a new impulsive wave.

The "Wave Cancel invalid level" is set at 0.57744. This level serves as a reference point for traders, and a breach of this level might suggest a reevaluation of the current wave count and market structure.

In conclusion, the NZDUSD Elliott Wave Analysis on the 4-hour chart indicates a trending market with an impulsive mode. The analysis anticipates the start of a potentially strong upward move (blue wave 3) after the completion of a corrective phase. Traders should closely monitor the invalidation level for adjustments in their trading strategies.

Technical Analyst: Malik Awais

Source : Tradinglounge.com 

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