The NZDUSD pair on the 15-minute chart shows a potential Elliott Wave structure in play. It appears we have completed a full impulse cycle up to wave (3) and have subsequently seen a correction that could be indicative of wave (4).
If this interpretation is correct, we're potentially looking at the beginning stages of wave (5), which is often a final push in the direction of the main trend before a more substantial correction or reversal. The dotted lines projecting downward could be illustrating possible paths for wave (4), suggesting retracement levels based on Fibonacci ratios, such as 0.382 at 0.59426.
Currency pairs like NZDUSD are heavily influenced by a range of factors including economic data releases, central bank decisions, and market sentiment. When trading such patterns, it's crucial to consider these alongside the technical analysis.
I'll be observing the price action closely for potential entry points that align with the next impulsive wave. Risk management will be key, ensuring that trades are sized appropriately and stop losses are in place to protect against unwanted volatility. Let's stay tuned to the market's movements and prepare for the next potential trend phase.
If this interpretation is correct, we're potentially looking at the beginning stages of wave (5), which is often a final push in the direction of the main trend before a more substantial correction or reversal. The dotted lines projecting downward could be illustrating possible paths for wave (4), suggesting retracement levels based on Fibonacci ratios, such as 0.382 at 0.59426.
Currency pairs like NZDUSD are heavily influenced by a range of factors including economic data releases, central bank decisions, and market sentiment. When trading such patterns, it's crucial to consider these alongside the technical analysis.
I'll be observing the price action closely for potential entry points that align with the next impulsive wave. Risk management will be key, ensuring that trades are sized appropriately and stop losses are in place to protect against unwanted volatility. Let's stay tuned to the market's movements and prepare for the next potential trend phase.
Trade closed: target reached
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