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.
nzdusddaychart.thumb.png.925a8b32137344955914bb7a475520a3.png
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
  • image.png

  • Posts

    • COCHLEAR LIMITED - COH Elliott Wave Technical Analysis (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COCHLEAR LIMITED - COH. We observe that COH has concluded wave ((4)) - navy as a Triangle, and wave ((5)) - navy is poised to advance. ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis 1D Chart (Semilog Scale) Analysis Function: Major trend (Primary degree, navy) Mode: Motive Structure: Impulse Position: Wave ((5)) - navy Details: Wave ((4)) - navy seems to have ended at the low of 318.39 as a Triangle, and wave ((5)) - navy is unfolding to move higher, targeting around 386.63 - 400.00 or beyond. The invalidation point is 318.39.   ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis (4-Hour Chart) 4-Hour Chart Analysis Function: Major trend (Primary degree, navy) Mode: Motive Structure: Impulse Position: Wave ((5)) - navy Details: Wave ((4)) - navy has just concluded at the low of 318.39 as a Triangle, and wave ((5)) - navy is likely to push higher, provided the price remains above 318.39. The target is 400.00 or beyond. The invalidation point is 318.39.   Conclusion Our analysis, forecast of contextual trends, and short-term outlook for ASX: COCHLEAR LIMITED - COH aim to provide readers with insights into current market trends and strategies to capitalize on them effectively. We offer specific price points as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional market trend analysis. Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here!  
    • Elliott Wave Analysis TradingLounge Daily Chart, Bitcoin / U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse position: Wave (V) Direction Next higher Degrees: wave ((I)) Wave Cancel invalid level:  Details: The five-wave Increase of Wave (V) Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: Overall, Bitcoin looks like the correction has ended at the 53,534 level and the price is rising again in a wave (V) likely to rise above 72,660, so look for an opportunity to join the uptrend. Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.   Elliott Wave Analysis TradingLounge H4 Chart, Bitcoin / U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse position: Wave ((1)) Direction Next higher Degrees: wave (V) Wave Cancel invalid level:  Details: The five-wave Increase of Wave ((1)) Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: Overall, Bitcoin looks like the correction has ended at the 53,534 level and the price is rising again in a wave (V) likely to rise above 72,660, so look for an opportunity to join the uptrend. Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.   Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here!  
    • Avail, founded by former Polygon co-founders Anurag Arjun and Mihailo Bjelic, is a groundbreaking modular blockchain project that aims to overcome the limitations of traditional blockchain networks. Launched in late 2020, Avail offers a versatile platform for trust-minimized applications and sovereign roll-ups, providing a secure and scalable data availability layer with customizable consensus. At the heart of Avail's innovation is its Unification Layer, which comprises Avail DA, Nexus, and Fusion. This tripartite approach addresses key challenges in blockchain scalability, interoperability, and security, positioning Avail as a key player in the evolving modular blockchain landscape. Avail's Data Availability (DA) solution stands out with its low-cost, expandable blobspace, enabling numerous rollups and supporting the development of application-specific and general-purpose decentralized applications (dApps). By offering opt-in data availability services for rollup networks, Avail provides a more cost-effective alternative to Ethereum for data storage, making it an attractive choice for developers and projects. The AVAIL token serves as the backbone of Avail's ecosystem, offering users the ability to stake and earn rewards, as well as participate in the project's governance. As Avail continues to evolve, the AVAIL token will play a crucial role in shaping the future of this modular blockchain. For Crypto enthusiast exploring the potential of the AVAIL token and Avail's innovative solutions can be a rewarding opportunity. Bitget's pre-market trading feature allows users to get early access to emerging projects like Avail, giving them the chance to be at the forefront of the modular blockchain revolution. By taking advantage of the exchange pre-market trading, users can stay ahead of the curve and potentially benefit from the growth of Avail and the AVAIL token.
×
×
  • Create New...
us