Estimated reading time: 3 minutes
The bullish trend is present in NZD/USD currency pair, 15 minutes time frame based on NZD/USD Elliott Wave Forecast. As I have forecasted few hours ago, the price of NZD/USD pair is going to rise up now on a short-term basis to prints a Bullish Impulse Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 0.6839 price area which is the termination point of bullish wave (i) leg. In my judgment, price action in NZD/USD currency pair is now rising up to print a Bullish Impulse wave (iii) leg. So, market is going to remain sideways. Next, expect a bullish wave (iii) Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave pattern which is part of a higher degree corrective Bullish Wave E pattern – wave (4).
Currently, Bullish Impulse Elliott wave pattern wave (iii)looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.6852 price area. However; if the price of NZD/USD currency pair breaks below 0.6839 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the NZD/USD Elliott wave analysis in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is actually bearish in higher time frame of NZD/USD currency pair.
Below is the 4 hours chart of NZD/USD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
To me; price is trying to complete the Bearish Running Triangle pattern. Now, market is moving sideways to complete the corrective wave (4) leg. The bearish wave (5) leg is the last and final decline in price action because after that I expect price action to prints a bottom. Within the Bearish Running Triangle pattern, all sub-waves must sub-divides into an impulse 3, 3, 3, 3 and 3 waves pattern.
The following Elliott Wave Bearish Running Triangle diagram shows us a completed Bearish Running Triangle Wave Pattern within the frame work of Elliott wave principle.
Based on my NZD/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Running Triangle Pattern at wave 4 location. Now, price is probably going to move sideways and then falls more lower to complete the Bearish impulse wave (5) leg. To me; in fifteen minutes chart of NZD/USD currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Impulse wave leg inside a 15 minutes price chart.
Strong key resistance level is present at 0.6978 in NZD/USD four hours chart. So, I expect market to first rise up to print bullish wave e leg and then falls down more to complete the bearish wave (5) leg. So, in my opinion market is going to remain sideways and then resume the down trend in NZD/USD currency pair, in 4 hours chart.
However; price should stays below 0.6978 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.6978 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze NZD/USD 4 hours chart.
Based on NZD/USD Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 0.6925 price area, as price is going to drop more towards 0.6765 but a clear bullish break out in price action above 0.6978 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in NZD/USD 15 minutes time frame and a good idea is to take a buy trade around 0.6852 price level and price is probably going to rise up towards 0.6875 price level. However; if the price of NZD/USD currency pair breaks below 0.6839 vital support level then bullish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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