The EURNZD chart on the 15-minute timeframe shows a classic Elliott Wave pattern. The market has apparently completed an upward impulse wave (3), and it's currently in a corrective phase, potentially completing wave (4).
Based on the chart, we're now looking for the commencement of wave (5), which should be an impulse wave moving downwards. The Fibonacci retracement levels plotted indicate possible turnaround points for wave (5), with targets like 0.618 at 1.80090, 0.5 at 1.80034, or more aggressively at the 1.618 extension at 1.79143.
Trading a pair like EURNZD requires attention to both European and New Zealand economic indicators, as well as global market sentiment. This analysis will need to be integrated with any macroeconomic news that could impact the currencies.
As the potential wave (5) develops, I'll keep an eye out for key reversal patterns and other indicators for entry points. It's essential to implement sound risk management strategies and stay flexible, as the Forex market is known for its rapid changes. Let's monitor the price action closely and prepare for the next move.
Based on the chart, we're now looking for the commencement of wave (5), which should be an impulse wave moving downwards. The Fibonacci retracement levels plotted indicate possible turnaround points for wave (5), with targets like 0.618 at 1.80090, 0.5 at 1.80034, or more aggressively at the 1.618 extension at 1.79143.
Trading a pair like EURNZD requires attention to both European and New Zealand economic indicators, as well as global market sentiment. This analysis will need to be integrated with any macroeconomic news that could impact the currencies.
As the potential wave (5) develops, I'll keep an eye out for key reversal patterns and other indicators for entry points. It's essential to implement sound risk management strategies and stay flexible, as the Forex market is known for its rapid changes. Let's monitor the price action closely and prepare for the next move.
Trade closed: target reached
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