Based on technical analysis the bearish 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 drop now on a long 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 Elliott wave analysis have made the right decision as price has descended.
Strong key resistance level is present at 1.0518 price area which is the termination point of bearish impulse wave i leg. In my judgment, price action in AUD/NZD currency pair has printed Bullish corrective Zig Zag corrective wave ii leg. Now I expects a long term top in price action and the start of the brearish trend. Based on Elliott wave forecast, expect price action of AUD/NZD currency pair to drop more – wave iii leg. So, market is going to remain bearish, overall. Based on Elliott wave analysis, the current bearish price action is part of a Bearish Impulse Elliott wave pattern in higher degree.
Currently, bearish Elliott wave iii pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.0385 price area. However; if the price of AUD/NZD currency pair breaks above 1.0518 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.
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Now, at this point; I must acknowledge that the trend is also bearish 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 bearish trend as well.
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To me; price is trying to print a Bearish Impulse wave 1 leg. Now, price action is falling down to complete the Bearish motive Elliott wave pattern. The current bearish leg in price action is the last and final decline and market is going to prints a short term bottom after that. Within the Bearish impulse wave pattern, all sub-waves must sub-divides into a 5, 3, 5, 3 and 5 waves pattern.
The following Elliott Wave Bearish Impulse pattern diagram shows us a completed Bearish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bearish 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 lower swing highs and lower swing lows. Bearish Impulse Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Impulse Elliott wave pattern looks like. If a trader knows what a Bearish 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 Bearish Impulse Wave consists of total five waves. Three bearish leg in the favour of a down trend and two bullish corrective Elliott wave patterns, against the down ward 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 Bearish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger down ward 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 1 pattern. Now, price action is probably going to drop more to start printing the Bearish impulse wave 1 leg. To me; in four hours chart of AUD/NZD currency pair the bullish corrective leg – wave ii which is just a pull back in an down trend as mentioned above as Bullish Zig Zag corrective wave pattern inside a four hours price chart.
Strong key resistance level is present at 1.0732 price area in AUD/NZD daily chart. So, I expect market to move sideways and then starts the decline to prints Bearish Impulse Wave 1 pattern. So, in my opinion market is going to remain sideways and then resume the down trend in AUD/NZD currency pair, in daily chart.
Now, when an existing bearish 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 below 1.0732 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.0732 resistance area will end the down trend and bearish 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 down in daily chart and a good idea is to look for a sell trade around 1.0325 price area, as price is going to drop more towards 1.0367 price area but a clear bullish break out in price action above 1.0732 vital resistance area will end the down 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 1.0385 price level and price is probably going to drop lower towards 1.0584 price level. However; if the price of AUD/NZD currency pair breaks above 1.0518 vital resistance level then bearish 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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