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 1.0657 price area which is the termination point of bearish impulse wave i 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 in price action as well. Based on Elliott wave forecast, expect price action of AUD/NZD currency pair to start drop more. 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 1.0592 price area. However; if the price of AUD/NZD currency pair breaks above 1.0657 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 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 bearish 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 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 long 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 1.0575 price area, as price is going to drop more towards 1.0333 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 1.0592 price level and price is probably going to drop lower towards 1.0479 price level. However; if the price of AUD/NZD currency pair breaks below 1.0657 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.
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.