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New Zealand Dollar/U.S.Dollar (NZDUSD) Day Chart Elliott Wave Technical Analysis 19 September 23


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NZDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 19 September 23
New Zealand Dollar/U.S.Dollar (NZDUSD) Day Chart
NZDUSD Elliott Wave Technical Analysis
Function:Trend
Mode: impulsive  
Structure: sub waves of new trend
Position: main red wave 3  
Direction Next higher Degrees:Red wave 3 may started
Details:Blue  wave 5 of C of 2 may completed at 0.58586, confirmation level for new trend at 0.64136 .Wave Cancel invalid level: 0.58586
The NZDUSD Elliott Wave Analysis for 19 September 23, is conducted on the daily chart of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair. Employing the Elliott Wave theory, this analysis is aimed at providing insights into potential market movements over a longer time frame.
 
The Function attributed to this analysis is "Trend," indicating that the primary objective is to identify and capitalize on the prevailing market trend. In this context, "Trend" suggests that the analysis is oriented towards understanding the direction in which prices are moving.
 
The Market Mode is labeled as "impulsive." This signifies that the market is currently displaying strong impulsive movements, which are often associated with the continuation of the prevailing trend. Impulsive waves are characterized by sharp price moves in the direction of the trend.
 
The Market Structure is specified as "sub waves of a new trend," suggesting that the analysis is assessing the sub waves within a newly emerging trend. Identifying these sub waves can provide traders with valuable information about potential entry and exit points.
 
The Position within the Elliott Wave pattern is identified as "main red wave 3." This indicates that the analysis is focused on the development and potential continuation of the third major wave within the Elliott Wave sequence. Traders can use this information to gauge their position within the larger wave pattern.
 
Regarding the Direction Next Higher Degrees, the analysis suggests that "Red wave 3 may have started." This implies that the market is potentially in the early stages of a significant upward movement within the third wave of the sequence.
 
The analysis provides specific Details, indicating that "Blue wave 5 of C of 2" may have reached completion at 0.58586. Additionally, it highlights the "confirmation level for the new trend" at 0.64136. This level is of paramount importance for traders as it may signal the initiation of a new trend over the long term.
 
Furthermore, the "Wave Cancel invalid level" is identified at 0.58586. This level serves as a reference point and may indicate a potential reversal if breached.
 
In summary, the NZDUSD Elliott Wave Analysis on 19 September 23, centers on the identification of a potentially impulsive market trend over a longer time frame, specifically within the sub waves of a new trend. Traders are encouraged to monitor the confirmation level for the new trend and be aware of the Wave Cancel invalid level to make informed trading decisions. It's essential to complement this analysis with other technical and fundamental tools while managing risk effectively in the dynamic forex market.
nzdusddaychart.thumb.png.a3513a2ef79cdcefc692596b13631eff.png
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    • This is not an acceptable explanation for me unfortunately, I am fully aware of the need to move spreads and I had accounted for that. Especially at the open of a market, but your spread was totally unreasonable the spread on DEC contracts is already at 130pip standard, to increase it to 400pips and hold it there even after 5 mins of trading. As my execution was a 09:06 the main market volatility had already been accounted for.   So disappointing after 6years being a customer and on a profitable trade as well: 
    • Dear @MB1470, Thank you for your post. Please note that dealing spreads on shares are subject to variation, especially in volatile market conditions or other unusual circumstances.  Market spreads can widen significantly, particularly at the beginning and end of the trading day, and minimum spreads may exist. Thanks, KoketsoIG
    • This morning at the market open on NOVO DEC contracts. On Spread Bet.    the spread moved from 138pips to close to 400 pips? How can this be reasonable the candle is only displayed on a 15-2min time period not on smaller periods. At market open 09:00 ????? How is this even remotely reasonable?     
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