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NZD/JPY Elliott Wave Forecast 4th May to 18th May 2020

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NZD/JPY Elliott Wave Forecast 4th May to 18th May 2020

NZD/JPY Elliott Wave Forecast
NZD/JPY Elliott Wave Forecast in 4 hours chart

 

Based on technical analysis NZD/JPY Elliott Wave Forecast, the bullish trend is present in NZD/JPY currency pair, 4 hours time frame based on NZD/JPY Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of NZD/JPY pair is going to rise up now to prints a Bullish Double Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.

Strong key support level is present at 63.05 price area which is termination point of Bearish corrective wave X leg. In my judgment, price action in NZD/JPY currency pair is now going to move sideways. Next expect further rise in price action to complete a Bullish corrective wave pattern – wave Y. So, market is going to remain bullish on a short term basis. Next, expects a top in price action as well. Based on Elliott wave forecast, current Bullish trend is part of a Bullish corrective Elliott wave pattern, wave 4 leg in higher time frame.

Currently, Bullish corrective Elliott wave pattern, wave Y leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 64.58 price area. However; if price of NZD/JPY currency pair breaks below 63.05 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade Forex market and re-do NZD/JPY Elliott wave analysis in four hours chart.

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Now, at this point; I must acknowledge that the trend is bearish in higher time frame of NZD/JPY currency pair.

NZD/JPY Elliott Wave Forecast in daily chart

 

Below is the daily chart of NZD/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.

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NZD/JPY Elliott Wave Forecast

 

To me; price have printed Bearish impulse wave 3 leg. So, expect price action in NZD/JPY currency pair to move sideways to up to print bullish Zig Zag wave 4 leg. Next, expects a drop in price action to prints bearish impulse wave 5 leg. After that, price is going to prints a medium term bottom as well. Within Bearish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves pattern.

 

The following Elliott Wave Bearish Impulse wave pattern diagram shows us a completed Bearish Impulse wave pattern within the frame work of Elliott wave principle.

 

Bearish Impulse Wave

 

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 legs 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. 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. It appears at a trending market environment and moves in the favour of larger down ward market trend.

Based on my NZD/JPY using Elliott Wave in daily chart, we have got an in-complete bullish wave 4 Zig Zag leg. So, market is going to first move sideways and then drop more to prints bearish Impulse wave 5 pattern. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid.

To me; in four hours chart of NZD/JPY currency pair the bullish wave C leg which is part of a higher degree wave 4 corrective pattern in daily chart is just a bullish leg in a down trend. As mentioned above as Bullish Zig Zag corrective wave leg inside a 4 hours chart.

Strong key resistance level is present at 71.22 price area in NZD/JPY daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving down. So, in my opinion market is going to remain bearish overall. And on a medium to long term basis, expects a sideways to bearish leg in market. Next, market is probably going to resume the Bearish trend after that in NZD/JPY currency pair, in daily chart.

 

Now, when an existing Bearish Elliott Wave Weekly Forecast in NZD/JPY is going to fail?

Well, the forecast is good for about next two weeks time. And price should stays below 71.22 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 71.22 resistance area will end the down trend. It will also fail bearish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze NZD/JPY daily chart.

Summary

Based on NZD/JPY Elliott Wave Weekly Forecast the trend is down in daily chart. A good idea is to look for a sell trade around 66.88 price area. As price action is going to drop lower towards 59.05. But a clear bullish break out in price action above 71.22 vital resistance area will end down trend. On a medium term basis, it is a bearish trend in NZD/JPY 4 hours time frame.

A good idea is to take a buy trade around 64.58 price level. Next, price is probably going to rise up towards 66.58 price level. However; if price of NZD/JPY currency pair breaks below 63.05 vital support level then bullish 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.

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