Based on technical analysis 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 Zig Zag corrective 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 0.6268 price area which is the originating point of Bullish impulse wave a leg. In my judgment, price action in NZD/USD currency pair is now to going to fall first to complete a bearish Zig Zag wave b leg. Next, expects a short term bottom in price action as well. So, market is going to remain bullish on a short term basis. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish wave b corrective Elliott Wave pattern, wave Y leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern wave c looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.6350 price area. However; if the price of NZD/USD currency pair breaks below 0.6268 vital support 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 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/USD currency pair.
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Below is the daily chart of NZD/USD pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.
To me; price has printed Bullish corrective wave a leg. Now, price action is rising up to complete the Bullish corrective wave b leg and then expects a decline in price action to print bearish wave c leg which is going to complete bearish wave Y Double Zig Zag pattern. So, now market is moving up on a a short term basis to complete the bullish corrective wave b leg. The bearish corrective wave Y leg is the last and final decline as price is going to prints a bottom after that. Within the Bearish corrective Double Zig Zag Elliott pattern, all sub-waves must sub-divides into 5, 3, and 5 waves pattern.
The following Elliott Wave Bearish Double Zig Zag corrective pattern diagram shows us a completed Bearish double Zig Zag pattern within the frame work of Elliott wave principle.
The Double bearish Zig Zag 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 highs (rises) and lows (retracements). Bearish double Zig Zag Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a double Bearish Zig Zag wave pattern looks like. If a trader knows what a bearish double Zig Zag 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 double Zig Zag consists of two Zig Zags Elliott wave patterns, joined by an X wave. We use W English alphabet to label first Zig Zag wave leg and we use Y English alphabet to label second Zig Zag wave leg. Please take a note that Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main market trend and so the double Zig Zag.
Based on my NZD/USD technical analysis using Elliott Wave Forecast in daily chart, we have got an in-complete Bearish corrective wave Y leg and price action is now rising up to prints Bullish corrective wave b leg. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid. Now, price action is probably going to move sideways to up and then drop more to prints a bearish corrective wave Y leg which is going to complete Bearish Double Zig Zag Elliott wave pattern. To me; in four hours chart of NZD/USD currency pair the bullish leg – corrective wave c pattern which is part of a higher degree wave Y leg in daily chart is just a bullish pull back in a down trend leg as mentioned above as wave c Bullish Zig Zag corrective wave pattern inside a four hours price chart.
Strong key resistance level is present at 0.6789 price area in NZD/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the decline. So, in my opinion market is going to remain bearish overall. On a medium to long term basis, expects a bearish leg in market. Next, market is probably going to resume the bearish trend after that in NZD/USD currency pair, in daily chart.
Now, when an existing Bearish Elliott Wave Weekly Forecast in NZD/USD is going to fail?
Well, the weekly forecast is good for about next two weeks time and price should stays below 0.6789 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 0.6789 daily chart resistance area will end the down trend and bearish Elliott Wave weekly analysis; 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 down in daily chart and a good idea is to look for a sell trade around 0.6544 price area, as price action is going to drop more towards 0.6155 price area but a clear bullish break out in price action above 0.6789 vital resistance area will end the down trend. On a medium term basis, it is a bullish trend in NZD/USD 4 hours time frame and a good idea is to take a buy trade around 0.6350 price level and price is probably going to rise up towards 0.6459 price level. However; if the price of NZD/USD currency pair breaks below 0.6268 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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