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    • The overnight session in Asia saw stocks hovering near two-year highs, as investors awaited more policy clues from the US. The pound was steady ahead of the Bank of England's meeting, where interest rates are expected to remain unchanged. The  dollar index was little changed, while the euro held steady against the dollar. The euphoria around AI has fueled a surge in tech stocks, driving US indices to record highs and boosting Asian markets as well. US markets were closed for the Juneteenth holiday, leading to a quiet session on Wednesday for European markets, but reopen today, with the Nasdaq 100 now above 20,000 for the first time. Today's calendar sees the release of weekly US jobless claims, eurozone consumer confidence and EIA crude oil inventories (delayed from yesterday), as well as the Bank of England's latest rate decision.
    • NZDUSD Elliott Wave Analysis Trading Lounge Day Chart, New Zealand Dollar/U.S.Dollar(NZDUSD) Day Chart NZDUSD Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE: navy blue wave 3 POSITION: gray wave 3 DIRECTION NEXT LOWER DEGREES: navy blue wave 3(started) DETAILS navy blue wave 2 looking completed, navy blue wave 3 is in play. Wave Cancel invalid level: 0.658517      The NZDUSD Elliott Wave analysis on the day chart offers a comprehensive view of the current market trend using an impulsive mode. The primary focus is on understanding the wave structure and forecasting future movements within the Elliott Wave framework. The structure under analysis is navy blue wave 3, which is positioned within the broader context of gray wave 3.   The main function of this analysis is to monitor the ongoing trend in the NZDUSD market, currently characterized by an impulsive phase. This phase indicates strong directional movement, a hallmark of Elliott Wave's impulsive mode. The impulsive mode suggests that the market is experiencing significant momentum in one direction, specifically within the structure of navy blue wave 3.   The direction for the next lower degrees is identified as navy blue wave 3, which has already started. This implies that the market has moved past the initial corrective phase and is now progressing into the more extended and dynamic phase of the impulsive trend.   The detailed analysis indicates that navy blue wave 2 appears to have been completed. This completion marks the end of the previous corrective phase and the beginning of the current impulsive phase within navy blue wave 3. This ongoing wave signifies the continuation of the upward trend, following the established patterns of Elliott Wave theory.   A crucial aspect of this analysis is the wave cancel invalid level, set at 0.658517. This level serves as a critical benchmark for validating the current wave structure. Should the market price drop below this level, it would invalidate the existing wave count, necessitating a reevaluation of the Elliott Wave analysis and potentially altering the market outlook.   In summary, the NZDUSD day chart analysis reveals that the market is currently in an impulsive phase within navy blue wave 3, which is part of the larger gray wave 3. With the completion of navy blue wave 2, the market has transitioned into navy blue wave 3, continuing the impulsive trend. The wave cancel invalid level at 0.658517 is essential for confirming the current wave count and guiding future market expectations based on Elliott Wave principles.   NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, New Zealand Dollar/U.S.Dollar(NZDUSD) 4 Hour Chart NZDUSD Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE: orange wave 1 POSITION: navy blue wave 3 DIRECTION NEXT LOWER DEGREES: orange wave 2 DETAILS navy blue wave 2 looking completed, now orange wave 1 of 3 is in play. Wave Cancel invalid level: 0.60964 The NZDUSD Elliott Wave analysis on the 4-hour chart provides an in-depth look at the current market trend using an impulsive mode. The analysis focuses on identifying the wave structure and predicting subsequent movements within the Elliott Wave framework. The structure under observation is orange wave 1, which is positioned within the larger context of navy blue wave 3.   The primary function of this analysis is to track the ongoing trend in the NZDUSD market, which is currently in an impulsive phase. This phase is characterized by a strong directional movement that is part of a broader wave pattern. The impulsive mode indicates that the market is moving forcefully in one direction, specifically within the orange wave 1 structure of navy blue wave 3.   The direction for the next lower degrees is identified as orange wave 2. This suggests that following the completion of the current impulsive phase in orange wave 1, the market is expected to transition into a corrective phase, known as orange wave 2. This phase will likely involve a pullback or consolidation after the current upward movement.   Detailed analysis reveals that navy blue wave 2 appears to be completed. This completion signifies that the market has finished its previous corrective phase and is now advancing into orange wave 1 of 3. This ongoing wave represents the continuation of the impulsive trend within the larger navy blue wave 3 framework.   An essential component of this analysis is the wave cancel invalid level, set at 0.60964. This level acts as a critical threshold for validating the current wave structure. If the market price falls below this level, it would invalidate the existing wave count, necessitating a reassessment of the Elliott Wave analysis and potentially altering the market outlook.   In summary, the NZDUSD 4-hour chart analysis indicates that the market is currently in an impulsive phase within orange wave 1, which is part of the larger navy blue wave 3. Once orange wave 1 is complete, the market is expected to transition into orange wave 2, initiating a corrective sequence. The wave cancel invalid level at 0.60964 is crucial for confirming the current wave count and guiding future market expectations based on Elliott Wave principles.   Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
    • Elliott Wave Analysis TradingLounge Daily Chart, DogeCoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis  Function: Counter trend     Mode: Corrective Structure: Zigzag Position: Wave ((C)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level:  Details: Wave ((4)) may is complete and the Price entry to uptrend again DogeCoin/ U.S. dollar(DOGEUSD)Trading Strategy: Dogecoin overall is still in the period of correction. In the position of wave (II) with a Zigzag pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend. DogeCoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, DogeCoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis  Function: Counter Trend Mode: Corrective  Structure: Zigzag Position: Wave A Direction Next higher Degrees: Wave V of Impulse Wave Cancel invalid Level:  Details: wave ((2)) Is Equal to 61.8% of Wave ((1)) at 0.1373 DogeCoin/ U.S. dollar(DOGEUSD)Trading Strategy: Dogecoin overall is still in the period of correction. In the position of wave (II) with a Zigzag pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend. DogeCoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here!  
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