Based on technical analysis the bearish trend is present in AUD/NZD currency pair, 4 hours time frame based on AUD/NZD Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of AUD/NZD pair is going to drop lower now on a short-term basis to prints a Bearish Zig Zag corrective Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.
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Strong key resistance level is present at 1.0948 price area which is the termination point of bullish wave e corrective leg. In my judgment, price action in AUD/NZD currency pair is now falling down to prints a Bearish corrective wave c leg and after that expects a short term bottom as well. So, market is going to remain bearish on a short term basis. Next, expects a bottom in price action as well. Based on Elliott wave analysis, the current bearish price action is part of a Bearish Zig Zag corrective wave pattern which is part of a higher degree corrective Bearish X wave Zig Zag Elliott Wave pattern.
Currently, Bearish Elliott wave pattern wave c looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.0737 price area. However; if the price of AUD/NZD currency pair breaks above 1.0948 vital resistance 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 AUD/NZD Elliott wave analysis in four hours chart.
Now, at this point; I must acknowledge that the trend is actually bullish in higher time frame of AUD/NZD currency pair.
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Below is the daily chart of AUD/NZD pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.
To me; price is trying to print a Bullish Triple Zig Zag leg. Now, price action has fallen down to complete the Bearish Zig Zag wave X corrective wave pattern. Now, market is moving up to print bullish corrective wave Z leg. The bearish wave X leg was the last and final decline and price is going to prints a bottom at this juncture, most likely. Within the Bullish Triple Zig Zag corrective wave pattern, all sub-waves must sub-divides into a corrective 3, 3 and 3 waves pattern.
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The following Elliott Wave Bullish Triple Zig Zag corrective pattern diagram shows us a completed Bullish Triple Zig Zag pattern within the frame work of Elliott wave principle.
The Bullish Triple Zig Zag wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of highs (rises) and lows (retracements). Bullish Triple Zig Zag Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Triple Zig Zag wave pattern looks like. If a trader knows what a Bullish Triple Zig Zag looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bullish Triple Zig Zag consists of three Zig Zags Elliott wave patterns, joined by an X wave. We use W English alphabet to label first Zig Zag wave leg, we use Y English alphabet to label second Zig Zag wave leg and we use Z English alphabet to label third Zig Zag wave leg . Please take a note that Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main market trend and so the Bullish Triple Zig Zag.
Based on my AUD/NZD technical analysis using Elliott Wave Long Term Forecast in daily chart, we have got an in-complete Bullish Triple Zig Zag corrective wave pattern. Now, price action is probably going to move up to start printing the Bullish Z corrective wave leg. To me; in four hours chart of AUD/NZD currency pair the bearish leg – wave c which is part of an X wave in magenta color in price action is just a pull back in a down trend as mentioned above as wave c corrective pattern inside a four hours price chart.
Strong key support level is present at 1.0653 price area in AUD/NZD daily chart. So, I expect market to first drop down a little bit more and then start the rise to print Bullish Triple Zig Zag wave Z leg pattern. So, in my opinion market is going to remain sideways and then resume the up trend in AUD/NZD currency pair, in daily chart.
Now, when an existing bullish Elliott Wave Long Term Forecast in AUD/NZD is going to fail?
Well, the forecast is good for about next two weeks time and should stays above 1.0653 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.0653 support area will end the up trend and bullish Elliott Wave Long Term Forecast and in such a market scenario, it would be best not to trade the market and re-analyze AUD/NZD daily chart.
Based on AUD/NZD Elliott Wave Long Term Forecast the trend is up in daily chart and a good idea is to look for a Buy trade around 1.0765 price area, as price is going to rise up towards 1.1185 but a clear bearish break down in price action below 1.0653 vital support area will end the up trend. On a medium term basis, it is a bearish trend in AUD/NZD 4 hours time frame and a good idea is to take a sell trade around 1.0737 price level and price is probably going to drop lower towards 1.0620 price level. However; if the price of AUD/NZD currency pair breaks above 1.0948 vital resistance level then bearish trend is going to end.
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