Analyzing NZD/USD on the 45-minute chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a downward correction. I am now expecting wave (b) to start an upward correction. The potential retracement levels for wave (b) are:
- 0.382 retracement level at 0.61258
- 0.5 retracement level at 0.61309
- 0.618 retracement level at 0.61360
If wave (b) retraces to these levels, it could provide a good entry point for a long position on NZD/USD, with an initial target near these retracement levels.
- 0.382 retracement level at 0.61258
- 0.5 retracement level at 0.61309
- 0.618 retracement level at 0.61360
If wave (b) retraces to these levels, it could provide a good entry point for a long position on NZD/USD, with an initial target near these retracement levels.
Trade active
Trade closed: target reached
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