Based on technical analysis NZD/USD Elliott Wave Forecast, the bullish trend is present in NZD/USD currency pair, 4 hours time frame based on NZD/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of NZD/USD 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 0.5991 price area which is termination point of Bearish corrective wave X leg. In my judgment, price action in NZD/USD 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 motive Elliott wave pattern, wave 3 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 0.6113 price area. However; if price of NZD/USD currency pair breaks below 0.5991 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/USD 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 NZD/USD currency pair.
Below is the daily chart of NZD/USD pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.
To me; price is printing Bullish Leading Diagonal pattern wave 3 leg. So, expect price action in NZD/USD currency pair to move sideways to up. Next, expects a drop in price action to prints bearish wave 4 leg. After that, price is going to prints a medium term bottom as well. Within Bearish Leading Diagonal Elliott wave pattern, all sub-waves must sub-divides into 3, 3, 3, 3 and 3 waves pattern.
The following Elliott Wave Bullish Motive wave pattern diagram shows us a completed Bullish Motive wave leading diagonal pattern within the frame work of Elliott wave principle.
The Bullish Motive 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 higher swing highs and higher swing lows. Bullish Motive Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Motive Elliott wave pattern looks like. If a trader knows what a Bullish Motive Leading Diagonal 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 Bullish Motive Leading Diagonal wave pattern consists of total five waves. Three bullish legs in the favour of an uptrend. And two bearish corrective Elliott wave patterns, against the up ward market trend. We use numbers to label motive 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 Bullish Leading Diagonal Wave pattern is a motive Elliott wave pattern. It appears at a trending market environment and moves in the favour of larger up ward market trend.
Based on my NZD/USD using Elliott Wave in daily chart, we have got an in-complete bullish wave 3 leg. So, market is going to first move sideways and then up to prints bullish motive wave 3 pattern. However; it is possible if price breaks below green colour support line then forecast will become in-valid.
To me; in four hours chart of NZD/USD currency pair the bearish wave X leg which is part of a higher degree wave 3 motive wave pattern in daily chart is just a bearish pull back in an up trend. As mentioned above as Bearish Zig Zag corrective wave leg inside a 4 hours chart.
Strong key resistance level is present at 0.6067 price area in NZD/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish trend after that in NZD/USD currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Weekly Forecast in NZD/USD is going to fail?
Well, the forecast is good for about next two weeks time. And price should stays above 0.6067 resistance area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 0.6067 support area will end the up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze NZD/USD daily chart.
Based on NZD/USD Elliott Wave Weekly Forecast the trend is in daily chart. A good idea is to look for a buy trade around 0.6156 price area. As price action is going to rise up towards 0.6299. But a clear bearish break down in price action below 0.6067 vital support area will end up trend. On a medium term basis, it is a bullish trend in NZD/USD 4 hours time frame.
A good idea is to take a buy trade around 0.6113 price level. Next, price is probably going to rise up towards 0.6240 price level. However; if price of NZD/USD currency pair breaks below 0.5991 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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