Jump to content

New Zealand Dollar/U.S.Dollar (NZDUSD)  Day Chart Elliott Wave Technical Analysis 8 August 23

Recommended Posts

NZDUSD Elliott Wave Analysis Trading Lounge Day Chart, 8 August 23
New Zealand Dollar/U.S.Dollar (NZDUSD)  Day Chart
NZDUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective  
Structure: Zigzag in subwave Y
Position:Y of Red Wave 2
Direction Next Higher Degrees:after last downside expected move new trend will start  
Details:Main corrective wave 2 likely to end at fib level 61.80 .Wave Cancel invalid level: 0.62263
On 8th August 23, the day chart of the New Zealand Dollar/U.S. Dollar (NZDUSD) pair is subjected to Elliott Wave analysis, indicating a counter-trend movement with a corrective mode. The function of the price movement is identified as counter-trend, while the mode is characterized as corrective.
The current structure is recognized as a Zigzag pattern within subwave Y, with the position of the price wave designated as Y of Red Wave 2. The projected direction for the next higher degrees indicates the anticipation of a new trend starting after the completion of the last downside movement.
The analysis provides further details, suggesting that the main corrective wave 2 is likely to end at the Fibonacci retracement level of 61.80. Traders and investors are advised to closely monitor the market, as the completion of the corrective wave 2 will mark a potential turning point in the price movement.
It is essential to note that the wave count provided will lose its validity if the NZDUSD price exceeds the level of 0.62263.
As of the specified date, 8th August 23, traders in the NZDUSD market should closely observe the counter-trend corrective movement and anticipate the completion of the main corrective wave 2. Counter-trend trading involves higher risks, and traders should exercise caution and implement effective risk management practices.
The analysis also suggests the potential for a new trend to emerge after the completion of the corrective wave. Traders should be alert for potential trend reversal signals and confirmation of the new uptrend before considering long positions.
While Elliott Wave analysis offers valuable insights into potential market patterns and price movements, traders should supplement it with other technical indicators and fundamental factors to create a comprehensive trading strategy. Market conditions can change rapidly due to various factors, including economic data releases, geopolitical events, and shifts in market sentiment. Therefore, traders should remain attentive and adaptable to changing market conditions.
Proper risk management practices are essential in all trading endeavors to protect capital and manage potential losses. By staying informed and utilizing a well-rounded approach to trading, traders can make more informed decisions and enhance their trading performance in the dynamic foreign exchange markets.
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 22/09/23 16:31
  • Posts

    • Basically, they've renamed the BitKeep wallet to BitgetWallet while megaswap to Bitgetswap😑...!   Most of the wallets have that inbuilt swap features but only a few reputable centralised exchanges have that feature!
    • Almost perfectly said! Especially, diversification & risk appetite factor worked great for me! Imagine, having -300% with 20x Lev😑. Still didn't close that trade after gaining+200%! Tho high lev isn't recommended,but I've just shared my personal experience as an example of risk appetite!  End of the day, experience & self confidence matters at crypto(For most of the people).
    • Hi @Ilikethestonk, Unfortunately, we only offer stocks listed on the following markets for share dealing: UK: FTSE 100, FTSE 250, and many other small-cap UK stocks US: S&P 500, NASDAQ 100, and many other small-cap US stocks Germany: DAX, HDAX, MDAX Ireland: ISEQ Netherlands: AEX Belgium: BEL 20 Austria: ATX, WBI Australia: ASX/S&P 300 Thanks, KoketsoIG
  • Create New...