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New Zealand Dollar/U.S.Dollar (NZDUSD) 4 Hour Chart Elliott Wave Technical Analysis 13 February 24

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NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 13 February 24

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

NZDUSD Elliott Wave Technical Analysis

FUNCTION:   Counter Trend

MODE: Corrective

STRUCTURE: blue wave Y of 2

POSITION:  Red wave 3


DETAILS:blue wave X of 2 looking completed at 0.61751 .  Now blue wave Y of 2  is in play and looking near to end. Wave Cancel invalid level: 0.61751

The "NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 13 February 24, provides a detailed examination of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair using Elliott Wave principles. The analysis focuses on the 4-hour timeframe, offering insights into potential price movements and wave structures.

The identified "FUNCTION" is "Counter Trend," indicating that the analysis is oriented toward identifying potential reversals against the prevailing trend. Traders may be exploring opportunities within the context of a corrective move, suggesting a temporary deviation from the primary trend.

The specified "MODE" is "Corrective," emphasizing that the current market structure aligns with corrective wave patterns. Corrective waves are characterized by price movements that oppose the dominant trend, often serving as pauses or reversals before the trend resumes.

The "STRUCTURE" is described as "blue wave Y of 2," providing information about the ongoing wave pattern. This highlights the specific Elliott Wave sequence currently in play and aids traders in understanding the context of the market movement.

The "POSITION" is labeled as "Red wave 3," indicating the subwave count within the broader blue wave Y structure. This nested wave analysis is crucial for traders employing Elliott Wave theory to identify potential turning points and forecast future price action.

In terms of "DIRECTION NEXT HIGHER DEGREES," the analysis points to "black wave 3," suggesting the expected direction of the next higher-degree wave. This insight into the nested wave structure is essential for understanding the progression of the Elliott Wave pattern.

The "DETAILS" section notes that "blue wave X of 2" is considered completed at 0.61751, marking the end of a corrective pattern. The analysis now suggests that "blue

wave Y of 2" is in play and nearing completion, potentially indicating a resumption of the primary trend.

The "Wave Cancel invalid level" is specified as "0.61751," serving as a critical reference point. A breach of this level may prompt a reevaluation of the current wave count and potential shifts in the market trajectory.

In summary, the NZDUSD Elliott Wave Analysis for the 4-hour chart on 13 February 24, suggests a counter-trend move with the completion of "blue wave X of 2" and the initiation of "blue wave Y of 2." Traders are advised to monitor the market closely, especially the specified invalidation level at 0.61751, for potential changes in market sentiment.

Technical Analyst : Malik Awais





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