I'm evaluating a potential long opportunity for NZD/USD using Elliott Wave principles. Our analysis suggests that we're currently seeing the setup for a bullish impulse wave, potentially signaling the start of wave (5).
The market appears to have completed a corrective wave (4) and is now transitioning into a new bullish phase. This is indicated by the end of the sideways consolidation pattern, which often precedes a strong upward movement.
Wave (5) initiation: This is the current focus, as we anticipate movement toward initial targets at the 0.60684 level, with potential to extend to the 1.618 Fibonacci extension at 0.61135.
For those considering a long position, the conclusion of wave (4) and the emergence of wave (5) could provide a favorable entry point. It's crucial to monitor for bullish confirmation as this wave develops.
Ensure to manage risks effectively, setting stop losses appropriately to protect against potential downside. As usual, I’ll keep you updated on any developments and adjustments to this trading setup.
The market appears to have completed a corrective wave (4) and is now transitioning into a new bullish phase. This is indicated by the end of the sideways consolidation pattern, which often precedes a strong upward movement.
Wave (5) initiation: This is the current focus, as we anticipate movement toward initial targets at the 0.60684 level, with potential to extend to the 1.618 Fibonacci extension at 0.61135.
For those considering a long position, the conclusion of wave (4) and the emergence of wave (5) could provide a favorable entry point. It's crucial to monitor for bullish confirmation as this wave develops.
Ensure to manage risks effectively, setting stop losses appropriately to protect against potential downside. As usual, I’ll keep you updated on any developments and adjustments to this trading setup.
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