NZDUSD seems ripe for a LONG position as per the Elliott Wave theory. The chart shows the completion of a corrective wave (c) and the potential beginnings of an impulsive wave upwards. This bullish setup is further affirmed by the recent bounce from the 1.618 Fibonacci extension of wave (a), a common turning point for many assets.
This pivot presents a prime opportunity for a LONG position, targeting the previous highs of wave (b). Traders may consider an entry near the current levels, with a stop-loss just below the recent lows to manage the risk. The targets for this potential upswing could be at the 0.382 to 0.618 retracement levels of the recent downtrend, which align with the common retracement zones in a typical Elliott Wave scenario.
As the NZD is often correlated with commodity prices and risk sentiment, it’s essential to stay abreast of the related economic indicators. A LONG position should be managed actively, with a readiness to adjust to market news or shifts in sentiment.
This pivot presents a prime opportunity for a LONG position, targeting the previous highs of wave (b). Traders may consider an entry near the current levels, with a stop-loss just below the recent lows to manage the risk. The targets for this potential upswing could be at the 0.382 to 0.618 retracement levels of the recent downtrend, which align with the common retracement zones in a typical Elliott Wave scenario.
As the NZD is often correlated with commodity prices and risk sentiment, it’s essential to stay abreast of the related economic indicators. A LONG position should be managed actively, with a readiness to adjust to market news or shifts in sentiment.
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