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NZD/USD Elliott Wave Forecast 21st February, 2018

NZD/USD Elliott Wave Forecast 21st February, 2018

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NZD/USD Elliott Wave Forecast in 15 Minutes chart

The bearish trend is present in NZD/USD Elliott Wave Forecast in 15 minutes time frame based on NZD/USD Elliott Wave Forecast. As I have forecasted few hours ago, the price of NZD/USD pair is going to drop now on a short-term basis to prints a Bearish Triple Zig Zag Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.

Strong key resistance level is present at 0.7373 price area which is the termination point of Bullish X wave leg. In my judgment, price action in NZD/USD currency pair is now falling down to prints a Bearish wave Z leg. So, market is going to drop more now to complete the Bearish wave Z Elliott wave pattern. Based on Elliott wave analysis, the current bearish price action is the Bearish Zig Zag wave Z leg which is part of a higher degree bearish corrective wave 4 Elliott wave pattern.

Currently, Bearish wave Z Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 0.7340 price area. However; if the price of NZD/USD currency pair breaks above 0.7373 vital resistance 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 NZD/USD Elliott wave analysis in fifteen minutes chart.

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

NZD/USD Elliott Wave Forecast in 4 Hours chart

Below is the 4 hours chart of NZD/USD currency 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 complete the corrective Bullish Running Triangle pattern – wave 4. Now, market is falling down to complete the bearish corrective wave c leg which is part of a Bullish Running Triangle Pattern – wave 4 leg. The bearish wave c leg is not the last and final decline as price is going to rise up and drop again. Within the Bullish Running Triangle pattern, all five sub-waves must sub-divides into 3, 3, 3, 3 and 3 waves structure pattern.

The following Elliott Wave Bullish Running Triangle Pattern diagram shows us a completed Bullish Running Elliott wave leg within the frame work of Elliott wave principle.

Bullish Running Triangle Pattern

Based on my NZD/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish wave 4 corrective Elliott wave pattern. Now, price is probably going to first drop more to complete the bearish wave 4 leg. To me; in fifteen minutes chart of NZD/USD currency pair the bearish leg in price action is just a pull back in an up trend as mentioned above as a Bearish Triple Zig Zag wave pattern in a 15 minutes price chart.

Strong key support level is present at 0.7175 in NZD/USD four hours chart. So, I expect market to drop first and then rise up to complete the Bullish Impulse wave pattern – wave 5 leg. So, in my opinion market is going to remain sideways and then resumes an up trend in NZD/USD currency pair, in 4 hours chart. However; price should stays above 0.7175 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.7175 support area will end an up trend and in such a market scenario, it would be best not to trade the market and re-analyze NZD/USD 4 hours chart.

Summary

 

Based on NZD/USD Elliott Wave Forecast the trend is up in 4 hours chart and a good idea is to look for a buy trade around 0.7230 price area, as price is going to rise up towards 0.7425 price level but a clear bearish break down in price action below 0.7175 vital support area will end an up trend. On a short term basis, it is a bearish trend in NZD/USD 15 minutes time frame and a good idea is to take a sell trade around 0.7340 price level and price is probably going to drop towards 0.7265 price level. However; if the price of NZD/USD currency pair breaks above 0.7373 vital resistance level then bearish 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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