NZD/USD Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Red wave 3.
Position: Blue Wave 1.
Direction next lower degrees: Red Wave 4.
Details: Red wave 2 of blue wave 1 looking completed at 0.60490.Now red wave 3 of 1 is in play Wave Cancel invalid level: 0.60674.
The NZDUSD Elliott Wave Analysis for the day chart on 7 March 24, offers a comprehensive view of the New Zealand Dollar/U.S. Dollar currency pair. Employing Elliott Wave principles, the analysis seeks to discern prevailing trends and potential future price movements within the overarching Elliott Wave structure.
The "FUNCTION" identified in the analysis is "Trend," indicating a strategy aligned with capturing and riding directional movements in the market. This implies an inclination towards trading in the direction of the existing trend.
The specified "MODE" is "Impulsive," signaling a market environment characterized by robust and forceful price actions. This suggests a prevailing momentum in the direction of the identified trend.
The described "STRUCTURE" is "Red wave 3," pointing to a specific phase within the broader Elliott Wave pattern. Red wave 3 typically signifies a mature phase of an impulsive trend, indicating significant progress in price.
The identified "POSITION" is "Blue wave 1," representing the current placement within the larger Elliott Wave structure. Blue wave 1 is a subwave within the red wave 3, indicating a continuation of the prevailing impulsive move.
Regarding "DIRECTION NEXT LOWER DEGREES," the focus is on "Red wave 4," implying an anticipation of a corrective phase following the completion of blue wave 1. This suggests a potential pause or pullback in the current uptrend.
In the "DETAILS" section, it is mentioned that "red wave 2 of blue wave 1 looking completed at 0.60490." This signifies the conclusion of a specific subwave within blue wave 1, and the analysis notes that "red wave 3 of 1 is in play."
The "Wave Cancel invalid level" is set at 0.60674, serving as a critical reference point. A breach beyond this level would invalidate the current wave count, prompting a reassessment of the analysis.
In summary, the NZDUSD Elliott Wave Analysis for the day chart on 7 March 24, underscores a trending strategy within an impulsive market environment. The focus is on the continuation of red wave 3, specifically red wave 3 of 1, with the Wave Cancel invalid level at 0.60674 acting as a crucial marker for potential shifts in the wave count and trend dynamics.
NZD/USD daily chart
NZD/USD Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Black wave 3.
Position: Red wave 3.
Direction next lower degrees: Black wave 4.
Details: Black wave 2 of red wave 3 looking completed at 0.60674. Now black wave 3 of 3 is in play Wave Cancel invalid level: 0.60674
The analysis on the NZDUSD Elliott Wave Trading Lounge 4-hour chart for 7 March 24, provides insights into the New Zealand Dollar/U.S. Dollar currency pair using Elliott Wave principles. The analysis focuses on identifying trends and potential price movements within the broader Elliott Wave structure.
The identified "FUNCTION" is "Trend," indicating a focus on capturing and riding directional movements in the market. This suggests a strategy geared towards trading in the direction of the prevailing trend.
The specified "MODE" is "Impulsive," suggesting that the market is currently characterized by strong and forceful price movements. This implies a dominant directional momentum in the identified trend.
The described "STRUCTURE" is "Black wave 3," indicating the specific phase within the Elliott Wave pattern. This signifies a mature phase of the impulsive trend, suggesting significant advancements in price.
The identified "POSITION" is "Red wave 3," which represents the current placement within the larger Elliott Wave structure. Red wave 3 is a subwave within the black wave 3, indicating a continuation of the prevailing impulsive move.
Regarding "DIRECTION NEXT LOWER DEGREES," the focus is on "Black wave 4," implying the anticipation of a corrective phase following the completion of red wave 3. This suggests a potential pause or pullback in the current uptrend.
In the "DETAILS" section, it is mentioned that "black wave 2 of red wave 3 looking completed at 0.60674." This signifies the completion of a specific subwave within red wave 3, and the analysis notes that "black wave 3 of 3 is in play."
The "Wave Cancel invalid level" is set at 0.60674, serving as a critical reference point. A breach beyond this level would invalidate the current wave count, prompting a reassessment of the analysis.
In summary, the NZDUSD Elliott Wave Analysis for the 4-hour chart on 7 March 24, emphasizes a trending strategy within an impulsive market environment. The focus is on the continuation of black wave 3, specifically black wave 3 of 3, with the Wave Cancel invalid level at 0.60674 acting as a crucial marker for potential shifts in the wave count and trend dynamics.
NZD/USD four hour chart
NZD/USD Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
AUD/USD: Next on the downside comes 0.6500
Further gains in the US Dollar kept the price action in commodities and the risk complex depressed on Tuesday, motivating AUD/USD to come close to the rea of the November low near 0.6500.
EUR/USD pierces 1.06, finds lowest bids in a year
EUR/USD trimmed further into low the side on Tuesday, shedding another third of a percent. Fiber briefly tested below 1.0600 during the day’s market session, and the pair is poised for further losses after a rapid seven-week decline from multi-month highs set just above 1.1200 in September.
Gold struggles to retain the $2,600 mark
Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.
Ripple could rally 50% following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. XRP could rally nearly 50% if it sustains a firm close above the neckline resistance of an inverted head and shoulders pattern.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.