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 NZDUSD Day Chart DescriptionNZDUSD Elliott Wave Analysis – Trading Lounge Day ChartNew Zealand Dollar/U.S. Dollar (NZDUSD)FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange wave 3
POSITION: Navy blue wave 1
DIRECTION NEXT HIGHER DEGREES: Orange wave 4
DETAILS: Orange wave 2 completed, now orange wave 3 of 1 in play.
Wave Cancel Invalid Level: 0.62229The NZDUSD Elliott Wave Analysis on the day chart provides a detailed overview of the current market trend and wave structure for the currency pair. The primary function of this analysis is to identify the trend direction, which is classified as impulsive, indicating a strong and assertive movement in the market, often associated with significant price changes.The wave structure being analyzed is orange wave 3, signifying a robust and forceful phase within the market cycle. The current position within this structure is navy blue wave 1, which is part of the larger orange wave 3. This suggests that the currency pair is in the initial stages of a powerful and pronounced upward trend within the broader impulsive wave.The direction for the next higher degrees is orange wave 4, implying that after the completion of the current wave, the market will move into the subsequent phase of the wave cycle. This phase is expected to continue the upward momentum established in the previous waves.Key details of the analysis indicate that orange wave 2 has been completed, marking the end of the corrective phase that preceded the current impulsive movement. Currently, orange wave 3 of 1 is in play, reflecting a significant upward trajectory in the market. The wave cancel invalid level is set at 0.62229, meaning that if the currency pair drops below this level, the current wave analysis would be invalidated.In summary, the NZDUSD currency pair is experiencing an impulsive trend on the day chart, with orange wave 3 actively in progress. Following the completion of orange wave 2, the pair has entered into orange wave 3 of 1, indicating strong upward momentum. This analysis helps traders and analysts predict market behavior and make informed decisions, anticipating continued robust upward movement within the current wave structure. The wave cancellation invalid level at 0.62229 is crucial for validating the ongoing wave analysis.NZDUSD 4-Hour Chart DescriptionNZDUSD Elliott Wave Analysis – Trading Lounge 4-Hour ChartNew Zealand Dollar/U.S. Dollar (NZDUSD)FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange wave 3
POSITION: Navy blue wave 1
DIRECTION NEXT LOWER DEGREES: Orange wave 3 (started)
DETAILS: Orange wave 2 completed, now orange wave 3 of 1 in play.
Wave Cancel Invalid Level: 0.62229The NZDUSD Elliott Wave Analysis on the 4-hour chart provides insights into the current trend and wave structure of the currency pair. The analysis identifies the function as a trend, indicating a clear directional movement in the market. The mode is impulsive, reflecting strong and decisive market action.The wave structure under review is orange wave 3, signifying a dynamic and forceful phase within the market. The specific position within this structure is navy blue wave 1, which is part of the larger orange wave 3. This positioning indicates that the currency pair is in the early stages of a vigorous and pronounced upward movement within the broader impulsive wave.The direction for the next lower degrees is orange wave 3, suggesting that following the completion of the current wave, the market will continue to experience strong upward momentum within this wave sequence.The details of the analysis highlight that orange wave 2 has been completed, marking the end of the prior corrective phase. Currently, orange wave 3 of 1 is in play, indicating a strong upward movement within this wave sequence. The wave cancel invalid level is set at 0.62229, meaning that if the currency pair moves below this level, the current wave analysis would be invalidated.In summary, the NZDUSD currency pair is in an impulsive trend on the 4-hour chart, with orange wave 3 currently active. After the completion of orange wave 2, the pair has transitioned into orange wave 3 of 1, showing significant upward momentum. Traders and analysts use this information to forecast market behavior and make informed trading decisions, anticipating continued strong upward movement within the current wave. The wave cancel invalid level is set at 0.62229, a critical point for validating the current wave analysis.Technical Analyst: Malik AwaisMore By This Author:Unlocking ASX Trading Success: Unibail-Rodamco-Westfield
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