Based on technical analysis the bullish trend is present in NZD/JPY currency pair, 4 hours time frame based on NZD/JPY Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of NZD/JPY pair is going to rise up now 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 Elliott wave forecast have made the right decision as price has ascended.
If you are interested in the best Forex VPS hosting services then check out the link here.
Strong key support level is present at 75.51 price area which is the termination point of Bearish Impulse wave i leg. In my judgment, price action in NZD/JPY currency pair is now to going to rise up more to complete a bullish impulse wave leg – wave iii. So, market is going to remain bullish on a medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Zig Zag corrective Elliott Wave pattern, wave C leg in higher time frame.
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 77.50 price area. However; if the price of NZD/JPY currency pair breaks below 75.51 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/JPY Elliott wave analysis in four hours chart.
Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of NZD/JPY currency pair.
NB: Interested In Mining Bitcoin And Other Cryptocurrencies for Profit? Now, You Can Mine Better, Faster and Smarter for More Profits With The Ready to Use, "High Performance", and Approved IQ Mining BTC Cloud Service For Miners. With This Mining Service, You Will Get Up to 128% Yearly ROI from Mining Bitcoins Alone Without Having to Buy Any Expensive Mining Hardwares and Softwares! Not Only That, You Will Get Your First Payout In First Few Hours After Buying a Plan With IQ Mining. You’re Also Given a Dedicated Account Manager After You Buy A Plan Who Will Help You With the Best Pool Allocations and Account Setup Plans To Get the Most Out of Your Purchase. Click the Banner Below To Register Now:
Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.
Below is the daily chart of NZD/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.
To me; price has printed Bearish corrective wave B leg. Now, price action is rising up to complete the Bullish impulse wave C pattern. So, now market is moving up on a long term basis to complete the bullish wave C leg. The bullish impulse wave C leg is the last and final rise as price is going to prints a long term top after that. Within the Bullish Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.
Now, there may be some Forex traders who are interested to use Forex robots or need Forex training education then click here.
The following Elliott Wave Bullish Zig Zag pattern diagram shows us a completed Bullish corrective wave pattern within the frame work of Elliott wave principle.
The Bullish Zig Zag pattern Elliott wave pattern belongs to the Elliott wave principle which shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Zig Zag corrective Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Zig Zag corrective Elliott wave pattern looks like. If a trader knows what a Bullish Zig Zag corrective wave pattern 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 Zig Zag corrective wave pattern consists of total three waves. Two bullish legs in the favour of an up trend; and one bearish corrective Elliott wave pattern, against the up market trend. We use English alphabets to label all corrective wave structures. Please take a note that Bullish Zig Zag wave pattern is a corrective Elliott wave pattern which appears at a trending market environment and moves against the favour of larger upward market trend.
Based on my NZD/JPY technical analysis using Elliott Wave in daily chart, we have got a complete Bearish corrective wave B leg and price action is now rising up to prints bullish wave C leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to prints a bullish impulse wave C leg which is going to complete Bullish Zig Zag pattern. To me; in four hours chart of NZD/JPY currency pair the bullish leg – Bullish Impulse wave iii pattern which is part of a higher degree wave C leg in daily chart is just a bullish leg in an up trend leg as mentioned above as wave C corrective wave pattern inside a daily price chart.
Strong key support level is present at 72.23 price area in NZD/JPY daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain bullish overall and on a medium to long term basis, expects a bullish leg in market. Next, market is probably going to resume the up trend after that in NZD/JPY currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Long Term Forecast in NZD/JPY is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 72.23 support area in daily time frame to keep the up trend alive. A clear bearish down in price action below 72.23 support area will end the up trend and bullish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze NZD/JPY daily chart.
Based on NZD/JPY Elliott Wave Long Term Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 78.00 price area, as price is going to rise more towards 92.85 price area but a clear bearish break down in price action below 72.23 vital support area will end the up trend. On a medium term basis, it is a bullish trend in NZD/JPY 4 hours time frame and a good idea is to take a buy trade around 77.50 price level and price is probably going to rise up towards 78.95 price level. However; if the price of NZD/JPY currency pair breaks below 75.51 vital support level then bullish trend is going to end.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
August 23, 2017 By Warren
Some social media users have been blasting and trolling Meir Barak of Tradenet because he said in one of his...
June 7, 2017 By Warren
Is Forex School Online going to really teach you the right skills needed to make money from the markets? We...
June 6, 2017 By Warren
The word ''Forex'' is an intriguing phrase for most people. That alone makes the Forex market a healthy breeding ground...
June 6, 2017 By Warren
Traders Elite (traderselite.com) is a scam that claims to have the secret of identifying the exact millisecond to enter and...
June 4, 2017 By Warren
The Forex market is a lucrative place to be. However, it is also a conducive environment where scams like Super...
Valforex.com cannot be held liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Both Forex and Binary options involve high-risk and are not suitable for all investors. Either Forex or Binary options may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More