New Zealand Dollar/U.S.Dollar (NZDUSD) Day Chart Elliott Wave Technical Analysis 13 November 23

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NZDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 13 November 23

New Zealand Dollar/U.S.Dollar (NZDUSD) Day Chart

NZDUSD Elliott Wave Technical Analysis

Function: Trend

Mode: impulsive  

Structure: blue wave 3 of 1

Position: black wave 1

Direction Next Higher Degrees:blue wave 3(may started)

Details; Blue corrective wave 2 looking completed between fib level 50.00 to 61.80  . Now blue wave 3 may start . Wave Cancel invalid level: 0.57744

The "NZDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 13 November 23, provides a comprehensive analysis of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair using Elliott Wave theory. The analysis focuses on the daily chart, offering insights into potential longer-term price movements.

The identified "Function" is "Trend," indicating that the prevailing market sentiment is directional, with an inclination towards sustained price movements in a particular direction.

The "Mode" is labeled as "Impulsive," suggesting that the current market conditions are characterized by strong, trending movements. Impulsive waves typically represent the primary direction of the larger trend.

The "Structure" is described as "Blue wave 3 of 1." This indicates that the market is potentially in the third wave of a larger degree, signaling the early stages of a new trend.

The "Position" is recognized as "Black wave 1," implying that the market is likely in the initial phase of a new trend. Wave 1s often mark the beginning of a significant price move.

Regarding the "Direction Next Higher Degrees," the analysis proposes that "blue wave 3 (may have) started." This implies that the market might be entering a phase of strong upward momentum as part of a larger degree wave count.

In terms of "Details," the report notes the completion of "Blue corrective wave 2" between the Fibonacci levels of 50.00 to 61.80. This completion suggests the end of a corrective phase, potentially paving the way for the initiation of a new impulsive wave.

The "Wave Cancel invalid level" is set at 0.57744. This level serves as a reference point for traders, and a breach of this level might prompt a reassessment of the current wave count and market structure.

In summary, the NZDUSD Elliott Wave Analysis on the daily chart suggests a trending market with an impulsive mode. The analysis anticipates the potential start of a strong upward move (blue wave 3) after the completion of a corrective phase. Traders are advised to monitor the invalidation level for adjustments in their trading strategies.

Technical Analyst : Malik Awais