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 1.0392 price area which is the termination point of bullish impulse wave i leg. In my judgment, price action in AUD/NZD currency pair has printed Bearish corrective Zig Zag wave ii leg. Now I expect market to rise up and prints bullish wave iii leg. Based on Elliott wave forecast, expect price action of AUD/NZD currency pair to rise up more – wave iii leg. So, market is going to remain bullish, overall. Based on Elliott wave analysis, the current bullish price action is part of a Bullish Impulse Elliott 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 the up trend around 1.0603 price area. However; if the price of AUD/NZD currency pair breaks below 1.0392 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 currency 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 Impulse wave C leg which is going to complete Bullish Zig Zag. Now, price action is rising up to complete the Bullish Zig Zag corrective Elliott wave pattern. The current bullish leg in price action is the last and final rise and market is going to prints a long term top after that. Within the Bullish impulse wave (C) pattern, all sub-waves must sub-divides into a 5, 3 and 5 waves pattern.
The following Elliott Wave Bullish Zig Zag corrective pattern diagram shows us a completed Bullish Zig Zag pattern within the frame work of Elliott wave principle.
The bullish 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 Zig Zag Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Zig Zag Elliott wave pattern looks like. If a trader knows what a bullish Zig Zag 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 consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bullish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.
Based on my AUD/NZD technical analysis using Elliott Wave Weekly Forecast in daily chart, we have got an in-complete Bullish Impulse wave (C) pattern. Now, price action is probably going to rise up more to start printing the Bullish impulse wave (C) 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 (C) 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 out in price action below 1.0182 support area will end the down 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 1.0625 price area, as price is going to rise up more towards 1.0922 price area but a clear bearish break down in price action below 1.0182 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 1.0603 price level and price is probably going to rise up towards 1.0777 price level. However; if the price of AUD/NZD currency pair breaks below 1.0392 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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