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New Zealand Dollar/U.S.Dollar (NZDUSD) 4 Hour Chart Elliott Wave Technical Analysis 25 January 24


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$NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 25 January 24

New Zealand Dollar/U.S.Dollar (NZDUSD) 4 Hour Chart

NZDUSD Elliott Wave Technical Analysis

Function: Trend

Mode: impulsive

Structure: blue wave 5 of 1

Position: Red wave 3

Direction Next Higher Degrees:Blue wave 5 of 1(started)

Details; blue wave 4 of black wave 1 looking completed at 0.60622 , now blue wave 5 of 1 is in play . Wave Cancel invalid level: 0.60053

The "NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" for 25 January 24, provides an in-depth examination of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair using the Elliott Wave theory, a popular tool in technical analysis.

The stated "Function" is to identify the prevailing "Trend," with a focus on understanding and leveraging the current directional movement in the market. This aligns with traders' goals of aligning their strategies with the existing trend for optimal trading outcomes.

The specified "Mode" is "Impulsive," indicating a market phase characterized by strong and decisive movements. In Elliott Wave terms, impulsive waves typically consist of five subwaves (1, 2, 3, 4, 5), signifying a strong and sustained directional move.

The identified "Structure" involves the assessment of "blue wave 5 of 1," indicating a detailed analysis of the subwave patterns within the broader structure of black wave 1. This approach allows for a granular understanding of the ongoing trend.

The "Position" is defined as "Red wave 3," indicating the current phase within the Elliott Wave count. blue wave 5 of 1 is a subwave within the larger structure of Red wave 3.

Concerning the "Direction Next Higher Degrees," the focus is on the potential continuation of "Blue wave 5 of 1 (started)." This implies an anticipation that the broader trend of blue wave 5 of 1 is currently underway.

In the "Details" section, it is highlighted that "blue wave 4 of black wave 1 looking completed at 0.60622," suggesting the conclusion of a corrective phase within the larger structure. The narrative further notes that "blue wave 5 of 1 is in play," indicating the potential for a continuation of the impulsive move.

The "Wave Cancel invalid level" is identified as "0.60053." This level serves as a crucial reference point, suggesting that a breach of this level could invalidate the current wave count. Such a breach might prompt a reassessment of the analysis and could imply a potential change in the anticipated market direction.

In summary, the NZDUSD Elliott Wave Analysis for the 4 Hour Chart on 25 January 24, suggests an impulsive trend, with the completion of a corrective phase (wave 4) and the initiation of the impulsive phase of blue wave 5 of 1. Traders are advised to stay vigilant, with a focus on the invalidation level at 0.60053.

Technical Analyst : Malik Awais

 

 

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