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 long 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 1.0448 price area which is the termination point of bullish motive wave i leg. In my judgment, price action in AUD/NZD currency pair is now rising up to prints a Bullish impulse wave iii leg and after that expects a short term top in price action as well. Based on Elliott wave forecast, expect price action of AUD/NZD currency pair to start rise more. So, market is going to remain bullish, overall. Based on Elliott wave analysis, the current bullish price action is part of a Bullish Impulse wave pattern in higher degree.
Currently, bullish Elliott wave iii pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.0680 price area. However; if the price of AUD/NZD currency pair breaks below 1.0448 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.
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To me; price is trying to print a Bullish Impulse wave 3 leg. Now, price action is rising up to complete the Bullish motive Elliott wave pattern. The current bullish leg in price action is not the last and final rise and market is going to print more up and down waves. Within the Bullish impulse wave pattern, all sub-waves must sub-divides into a 5, 3, 5, 3 and 5 waves pattern.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bullish Impulse 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 higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse 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 Impulse Wave consists of total five waves. Three bullish leg in the favour of an up trend and two bearish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5 and inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in 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 Bearish Impulse wave 3 pattern. Now, price action is probably going to rise up to start printing the Bullish impulse wave 3 leg. To me; in four hours chart of AUD/NZD currency pair the bearish corrective leg – wave ii which is just a pull back in an up trend as mentioned above as Bearish Zig Zag corrective wave pattern inside a four hours price chart.
Strong key support level is present at 1.0182 price area in AUD/NZD daily chart. So, I expect market to move sideways and then starts the rise to prints Bullish Impulse Wave 3 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 1.0182 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.0182 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 Forex 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 1.0666 price area, as price is going to rise up more towards 1.1025 price area but a clear bearish break down in price action below 1.0182 vital support area will end the down 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 1.0680 price level and price is probably going to rise up towards 1.0789 price level. However; if the price of AUD/NZD currency pair breaks below 1.0448 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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