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.
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.
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.
Want to make money automatically with Forex, Bitcoin and other Cryptocurrencies, Commodities etc without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! WorldMarkets is for you! With the WorldMarkets AI Managed Account Services, only YOU are in control of your investment funds. WorldMarkets is a trading platform that uses artificial intelligence to handpick highly profitable and low-risk trades for its users. It also goes ahead to trade for you based on analyzed data. And yea, you guessed right, “it almost never loses”. This is indeed the holy grail of trading. It is much more reliable and profitable than paying gurus to trade for you, mulling over candle sticks or playing the luck game. Using this system, investors and traders have recorded over 30% Returns on Investment in less than a month. And with a 100% compound return, you simply cannot lose with WorldMarkets. All you have to do is sit back, manage your funds and let the AI trade for you. Are you ready to start making aggressive profits regardless of the market’s direction? If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to WorldMarkets now and choose a plan to start trading. PS: WorldMarkets is a Profitable Forex/Crypto AI Managed Trading Service. 100% Verified and Recommended by Valforex.com.
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.
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. 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.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
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… Read More