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Based on technical analysis the bullish trend is present in AUD/NZD currency pair, 4 hours time frame based on AUD/NZD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of AUD/NZD 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 Elliott wave analysis have made the right decision as price has ascended.
Strong key support level is present at 1.0503 price area which is the termination point of bullish impulse wave i leg. In my judgment, price action in AUD/NZD currency pair is now rising up to prints a Bullish impulse wave v leg and after that expects a short term top as well. So, market is going to remain bullish on a short term basis. Next, expects a top in price action as well. Based on Elliott wave analysis, the current bullish price action is part of a Bullish Impulse wave pattern.
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Currently, Bullish Elliott wave pattern wave v looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.0640 price area. However; if the price of AUD/NZD currency pair breaks below 1.0503 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 AUD/NZD Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of AUD/NZD currency pair.
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 Zig Zag leg. Now, price action has fallen down to complete the Bearish wave B corrective Elliott wave pattern. The bearish leg in price action was the last and final decline and price has printed a bottom. Within the Bullish Zig Zag corrective wave pattern, all sub-waves must sub-divides into a corrective 5, 3 and 5 waves pattern.
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 AUD/NZD technical analysis using Elliott Wave Weekly Forecast in daily chart, we have got an in-complete Bullish Zig Zag corrective wave pattern. Now, price action is probably going to move up to start printing the Bullish impulse wave C leg. To me; in four hours chart of AUD/NZD currency pair the bearish leg – wave v which is just a pull back in an up trend as mentioned above as bearish wave v Impulse wave pattern inside a four hours price chart.
Strong key support level is present at 1.0015 price area in AUD/NZD daily chart. So, I expect market to rise up now to prints Bullish Zig Zag wave C 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 Weekly Forecast in AUD/NZD is going to fail?
Well, the forecast is good for about next two weeks time and should stays above 1.0015 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.0015 support area will end the up trend and bullish Elliott Wave Weekly 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 Weekly Forecast the trend is up in daily chart and a good idea is to look for a Buy trade around 1.0690 price area, as price is going to rise up towards 1.1660 but a clear bearish break down in price action below 1.0015 vital support area will end the up trend. On a medium term basis, it is a bullish trend in AUD/NZD 4 hours time frame and a good idea is to take a buy trade around 1.0640 price level and price is probably going to rise up towards 1.0750 price level. However; if the price of AUD/NZD currency pair breaks below 1.0503 vital support level then bullish trend and analysis is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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