The bearish trend is present in NZD/USD currency pair, 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 up now on a short-term basis to prints a Bearish Impulse Wave Elliott wave (iii) leg 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 0.7460 price area which is the termination point of bearish wave (i) leg. In my judgment, price action in NZD/USD currency pair is now moving sideways to print a Bearish Contracting Triangle Pattern Wave (iv). So, market is going to remain sideways and then price action is going to resume the down trend as Corrective bullish wave (iv) looks in-complete. Based on Elliott wave analysis, the current bullish and sideways moving price action is wave (iv) which is part of a larger Wave C Zig Zag Elliott wave leg.
Currently, Bearish Contracting Triangle wave (iv) 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 0.7415 price area.
However; if the price of NZD/USD currency pair breaks above 0.7460 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 NZD/USD Elliott wave analysis in fifteen minutes chart.
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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of NZD/USD currency pair.
Below is the 4 hours chart of NZD/USD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
To me; price is trying to complete the Bearish Zig Zag corrective Elliott wave pattern. Now, market is falling down to complete the bearish Wave C leg. The bearish wave C leg which is the last and final decline as well is going to complete the bearish Zig Zag Elliott Wave pattern. Within the Bearish Impulse Wave C pattern – , all sub-waves must sub-divides into 1, 2, 3, 4 and 5 waves pattern.
The following Elliott Wave Bearish Impulse pattern diagram shows us a completed Bearish Impulse Wave within the frame work of Elliott wave principle.
Based on my NZD/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Zig Zag pattern. Now, price is probably going to drop more to complete the Bearish wave C leg. To me; in fifteen minutes chart of NZD/USD currency pair the bullish leg in price action was just a pull back in a down trend as mentioned above as a bearish contracting triangle wave (iv) leg.
Strong key resistance level is present at 0.7459 in NZD/USD four hours chart. So, I expect market to falls down more now to complete the bearish wave C leg which is going to complete Bearish Zig Zag pattern. So, in my opinion market is going to remain sideways and then resume the down trend in NZD/USD currency pair, in 4 hours chart.
However; price should stays below 0.7459 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.7459 resistance area will end down trend and in such a market scenario, it would be best not to trade the market and re-analyze NZD/USD 4 hours chart.
Based on NZD/USD Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 0.7410 price area, as price is going to drop more towards 0.7385 but a clear bullish break out in price action above 0.7459 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in NZD/USD 15 minutes time frame and a good idea is to take a sell trade around 0.7415 price level and price is probably going to drop towards 0.7395 price level. However; if the price of NZD/USD currency pair breaks above 0.7460 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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