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 Impulse 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.
Strong key resistance level is present at 1.0852 price area which is the termination point of bullish wave i impulse wave leg. In my judgment, price action in AUD/NZD currency pair is now falling down to prints a Bearish impulse wave iii 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 Bullish Zig Zag corrective wave pattern.
Currently, Bearish Elliott wave pattern wave iii looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.0490 price area. However; if the price of AUD/NZD currency pair breaks above 1.0852 vital resistance level then down 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.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is actually 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.
👉 Are you looking for a Forex Robot that offers realistic returns even when the markets are volatile or down? Golden Pickaxe is the BEST Forex robot using low risk and EARNING a whopping 47.93% monthly profit margin. You get a robot offering the best in terms of safety and guaranteed profits no matter the risks. A gold-driven EA robot, the robot was created and developed over ten years. It has the pedigree to offer gold traders a profitable all-year-long profit regardless of market conditions. We have tested the platform, and it has seen remarkable profit margins for the past 15 months. The well-known trader developer (Valeriia), put the robot out there for any trader to confirm its realistic profitability. And the robot was tested and seen to be even better than what we thought was the best, Waka Waka. Golden Pickaxe is now one of the best-proven forex robots that offer profitable outcomes, and all data are third-party verified independently via Myfxbook. The balance volume for Golden Pickaxe is there for anyone to see. And that means you get a transparent Forex robot guaranteeing results. Even when facing drawbacks of 37.47%, the robot balances the profits. With an automated trading robot, you can receive near-perfect signals for trading gold. And that’s what every trader needs when investing in Gold. So what are you waiting for? We have tested the robot and Guarantee it’s a perfect match for you. Start earning realistic profit margins from forex trading with a LOW-RISK thanks to Golden Pickaxe. We have been using it even when the gold market was risky. Thanks to this automated forex robot, you can earn 47.93% ROI or more per month consistently. Complete beginners to Forex can start and immediately start earning a stable and reliable income with it. What's more? You don’t even have to deposit funds with your broker when using the Golden Pickaxe robot. Just register with a Broker such as IC Markets or Coinexx (for US-based traders); there’s no need to deposit your real funds with them. Instead, use the Golden Pickaxe robot to pass a funded account challenge on FTMO. No worries, it’s very easy to pass once you install the EA. Once you pass the challenge, FTMO funds your account with real live funds depending on the challenge you passed, then you can simply carry on trading with the EA on the live account and request payouts monthly whenever you want to withdraw your profits. All challenges and trading are done automatically by the Golden Pickaxe robot, so you don't have to worry. Or... if you don't like the idea of a trading challenge/evaluation, you can simply buy a cheap funded account with prop firms we recommend like FundYourFx, get instant funding of a real account, then start using the robot to trade, profit and make weekly withdrawals, very easy. If you have any questions or want help with the setup, head over to our live chat and ask for Corey Woods. Corey will help you with any issues, problems, or initial setup along the way. Here’s your chance to start trading Gold and earn with an AUTHENTIC, PROVEN, AND SAFE Forex Robot. Sign up today for a chance to get a reliable side income with GOLDEN PICKAXE. Click the button below to buy the EA, then contact me on live chat if you need any help setting up the whole thing.
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 is the last and final decline and price is going to prints a bottom at this juncture, most likely. 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 Long Term 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 wave C leg. To me; in four hours chart of AUD/NZD currency pair the bearish leg – wave iii which is just a pull back in an up trend as mentioned above as bearish wave iii Impulse wave pattern inside a four hours price chart.
Strong key support level is present at 1.0232 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 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 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 1.0232 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.0232 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 1.0625 price area, as price is going to rise up towards 1.1660 but a clear bearish break down in price action below 1.0232 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 1.0490 price level and price is probably going to drop lower towards 1.0400 price level. However; if the price of AUD/NZD currency pair breaks above 1.0852 vital resistance level then bearish trend is going to end. However; if the price of EUR/USD breaks above 1.1427 vital resistance level then down trend 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.
Valforex.com will not be 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. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, 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. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.